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Too much propaganda

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When an answer to an enquiry is not accepted or disputed, the onus is on the enquirer to open his or her hand and divulge the proofs.

For seven months and approaching eight, Tun Dr Mahathir has been making his allegations in the form of answer-seeking questions. His response to the answers is to doubt it, and change goalposts with new enquiries arising from the answers.

By right, he is supposed to divulge his proofs. When that failed, then one resigned to God's judgement as RPK wrote here to correct Ummi Hafilda,

If Tun M has all the proofs as one officer bearer of Perkasa and a pentaksub claimed, why is he not divulging his proofs with the next Parliament seating around the corner?

The pentaksub claimed some 8 government and intelligent-related agencies cc-ed a report on 1MDB to Tun M.

The same question was posed to a former officer to a recently removed Minister.

Why not reveal it and get it over with? If the proofs is convincing and not just the simplistic conclusions from common man's logic, no red demonstration can save Najib. Why waste time?

His reply was Tun M does not have it. If so, it is just propaganda or psychological warfare meant to bring Dato Najib down?

Goebbel's propaganda is to tell a lie big enough that public will end up believing. The public focus has diverted from the real problems of 1MDB to unproven allegations.

The public seemed to conclude that money was channeled into Najib's personal account though there are doubts on the documents revealed by WSJ. All because Najib's statement had indirectly admitted by claiming not benefiting personally.

However, in a court of law, he can still get away and not taken as admitting.

Agenda setting

Tun M had repeatedly commented the money is from 1MDB and not from an Arab donor. That is another Goebbel's technique to repeat till it sink in the public psyche. But it is no proof.

Propaganda is a technique in communication to influence the attitude of a segment of people. It gives out one sided information to appeal to the emotion and not so much a rational response to the information to achieve a set agenda.

Till today, Tun M's agenda is unclear.

In the session with bloggers, he was concerned with Sirul's death sentence, BR1M, GST and 1MDB. When posed with a question, only did he raised concern on Malay issues. His latest posting here did not raised it. So it is not so much about the usual alif ba ta.

The issue of BR1M is not raised again. It indicate he will not touch unpopular issues. It does not serve the agenda set to bring Najib down. Still the question why?

Tun M did say that the Chinese will return to vote should Najib stop his policies. He was upset of being told by Tan Sri Lim Kok Wing that Najib is ending his "legacies".

Since the Sirul death sentence issue is just a shock and awe propaganda technique which is legally non-sensical, Tun M's concerned legacy is IPP. It means his main grouse is GST and 1MDB.

GST is not a bad tax policy. It is good, fair tax system and widely practise around the world. Tun M studied it, Pak Lah explored and Najib brave enough to implement.

It is believed the Chinese person against it and have been lobbying Najib to not proceed was Tan Sri Vincent Tan. Someone with link to the unsavory side and loves retailing and franchising business would hate GST for one and only reason. Laundered money get GST-ed!

Thus the raison d'etre is left to be only 1MDB. So 1MDB and legacy only points to Tan Sri Francis Yeoh and YTL.

When asked for an offer for his IPP, Francis Yeoh offered a ridiculous no-can-do price. It was believed he said he would rather burn down his IPP than sell it to government.

Francis Yeoh may not be associated with Tun M since he is opposition friendly with Tony Pua as his defender. A source in a law enforcement outfit claimed he paid Rafizi millions into a foreign account to raise issue on 1MDB.

Propaganda

If the agenda to remove Najib is unclear, the propaganda technique is clear. Goebbel wrote, "Propaganda has nothing to do with the truth."

1MDB issue could not gain any transaction with the public till Tun M picked it up. That is exploiting the power distance culture prevailing in Malaysia.

A study shows Malaysia has the highest power distance [read The Star here]. The very reason Datoship is much sought after.

The cultural psychological phenomenon of Dunning-Kruger effect and false dichotomy is prevalent in Malaysia to enable the exploitation of public's factual deficiency and ignorance.  

Tun M's latest posting was filled with propaganda. Tun keeps his story simple but is filled with cherry picking of simplified and incomplete information without the desired evidences. 

People say Tun M is a good communicator because he can relate to the common people. That is a propaganda technique called plain folks or common man approach to appear like a common man and win their trust.

It sounded odd to associate Najib's hiring of foreign advisers and consultants with "development of Malaysia has slowed down and the races are at each others throats." It's half truth and exaggeration to issues of wastage, excessive payment and no confidence with local.

The allegations on 1MDB is exyensively applied lies and deceptions techniques. Tun M repeated accusations of money dissappearing under audited accounts, Petrosaudi investment rechannelled, and Goldman Sachs. All was corrected by Arul Kanda.    

He applied demonising the enemy approach to label Najib as colonised, unpopular, wasteful, etc.

There was low blow personal attack to do character assassination of family member. The same manner used on the late Tunku Abdul Rahman to call him as having Siamese blood.

Fear, uncertainty and doubt was widely applied too.

Big lie

In the posting, the big lie was applied to simplify the USD1.7 billion investment with Petrosaudi as disappeared. It is similar to the Iraq's WMD lie by President George W Bush to justify a war against Iraq.

The posting on Al Jazeera and repeated again in the posting was another application of the big lie.

Tun M insisted on repeating the big lie on the RM42 billion that turned many off. The number changed many times with the latest being more than RM20 billion. It's as though accounts are not audited.

He stopped saying land price in KL is RM7,000 psf but RM3,000 psf.


Will he not make issue and hurl accusation to 1MDB's extenstion on it's audited dateline for March 30th account? He will ignore the dificulty of doing an audit with documents seized by various investigators?

There is the suspicion that Tun M was behind the various big lie done by Rupert Murdoch's WSJ and NYT and other foreign media on so-called foreign account freeze and investigation [read Arul Kanda here], including Al-Jazeera's spin on Altantunya murder [read Tun M here].

His allegations are in-sync with Sarawak Report, The Edge, Clare Rewcastle, Tony Pua, Rafizi, pro-opposition and foreign media, and off course, Matthias Chang's blog postings.

Thus, the suspicion there is a collaboration involving all these parties.

There is proof thus Tony Pua and The Edge are feeling the heat, claimed RPK. Tun M too is pre-empting of SOSMA on himself and claiming it is worse than ISA.

Najib's weakness

On the other hand, Najib is not talking enough. Conspiracy is Najib's only rebutting story.

Najib side failed to give an effective reply to Tun M's powerful story. The truth is difficult to tell. It is the story that is important.

It is made difficult by Najib's public statements seemed to be doing obfuscation or intentional vagueness.

And, his problem of trust deficit arise because he is seen as halting investigation. Thus losing the moral ground. MACC's latest statement here will not be helpful to Najib's perception.

Remark like the one yesterday by Ramesh Rao to claim Tun M needs mental treatment does not help Najib's cause but that of Tun M's. 

Many may not agree that Tun M is not telling the truth but hopefully they begin to realise that the man is merely doing political propaganda.

If that is the case, he is not serious in revealing the proofs. More so, it is an outright lie to claim he has no more outlet than to attend Bersih 4.0.

Public must demand on Tun M to come out with his evidences. Najib too has to come out with it and come clean.

The country cannot be held back by the political power game of a leader and a past leader again and again. 

Deepak's Tamil movie sequel to come

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It started with Tun Dr Mahathir's acting out sympathy for a confessed murderer, Sirul.

That didn't catch on because there is no new story. As The Mole reported here, it needs new story to attract attention and keep a propaganda going till it etches into the public psyche.

Then came the Al Jazeera documentary with trumped up accusation of Abdul Razak Baginda as the murderer. Story shifted from Rosmah to Razak now.

A confirmed giver of bribe claimed to be the middleman between Dato Najib and Sirul. On a cheap Nokia-like handphone, it makes no sense for Najib to offer RM15 million to a convicted murderer whose more worried for his life than making lots of money. All this done on SMS?

Sirul, that came from a humble and kampong background, suddenly got a relative in Australia talking in Australian accent and with a name Frank. Laughable ...

However, it is not over. The wayang is far from over. There is a Tamil movie sequel version.

The Malay Mail Online reported the widow of private investigator, P. Balasubramaniam  (PI Bala) managed to get the Court of Appeal to reinstate her case to sue for her family's 5-year exile in India:
KUALA LUMPUR, Oct 2 — The Court of Appeal today reinstated a civil suit brought by the widow of private investigator P. Balasubramaniam, who is seeking compensation for losses faced by the family during their five-year exile in India.

The court allowed the appeal by A. Santamil Selvi after the respondent, Deepak Jaikishan, did not contest the matter, according to news portal The Malaysian Insider.

Justice Vernon Ong Lam Kiat, who chaired a three-member panel that heard the appeal, ordered the RM2 million suit to be sent back to the High Court where case management has been fixed for October 23.

Santamil's counsel, Americk Sidhu, told the news portal that the High Court will have to hold trial but only against Deepak.

Santamil filed her suit in July last year, seeking to expose the alleged roles of several individuals including Prime Minister Datuk Seri Najib Razak, his wife Datin Seri Rosmah Mansor and Deepak, among others, in her late husband's exile and that of their family.

Others named in the suit were Najib's brothers, Johari and Nazim, senior lawyer Cecil Abraham and his son Sunil, commissioner of oaths Zainal Abidin Muhayat and lawyer M. Arulampalam.

The suit also seeks to unearth why Balasubramaniam was forced to retract a sworn statement claiming of Najib's alleged involvement with murdered Mongolian Altantuya Shaariibuu.

Balasubramaniam's family are claiming that he was "under threat and inducement" to release a second statutory declaration, purportedly to clear Najib of any involvement in the sensational 2006 murder case.

The private investigator reportedly left Malaysia with his family after signing the second sworn statement in 2008. He died of a heart attack several weeks after they returned to the country.

Last December, High Court Judge Datuk Hasnah Mohamed Hashim allowed an application by the respondents to strike out the suit and the decision was upheld by the Court of Appeal in April this year.

Deepak, however, was not a respondent in Santamil's application to challenge the High Court's decision at the Court of Appeal.
This is interesting.

The lawsuit against the other plaintiffs has stopped but it will only proceed against Deepak. With Deepak not being a respondent in the appeal, it can only be deduced that Deepak is working to lose the case.

He does not mind losing money as long as his side of the story to reveal on those various names be known in court.

The guy never give-up. Deepak had denied allegation of his involvement in convincing Deepak to do the second SD in 2011 below:


In November 2012, he changed his stance to regret:


Apanama ni ...?

His words in court will be as unreliable as PI Bala's changing court document. So he gets the wife of the late PI Bala to do the speaking.

It is so very koliang. Can't do it this way, do it another way. Cannot get hired, get it another way. Cannot agree, resort to bad mouth. Cannot have credible proofs, do a Tamil movie and say it does not matter. Betcha during the days close to Menteri, so berlagak that did not bother to greet friends. 

Deepak was an opportunist [read FMT here] but undeserving to be assisted. When in trouble, he bit the hands that fed him [read our December 2012 posting here].

Since 2006 when all these surfaced, it was never believable. [Read July 2012 posting here.]

As GE 13 approaches, Deepak was part of opposition's political propaganda to finish off his extortion after his appearance at Najib and Rosmah's visit to a Batu Cave's Thaipusam festival to med ties failed [read Feb 2013 posting here].

He admitted in a hidden video on December 2012 to be working with Dato Seri Anwar Ibrahim to defame Najib and Rosmah:


There was also a tell all book called The Black Rose believed to be written by Deepak but was not distributed. He also made accusation of Najib having an affair with a Flora Ong in exchange for RM2 billion power contract.

It is no propaganda when it is known to be a propaganda.

Since it is obviously a planned propaganda, it is not credible. However, as Goebbels' MO puts it, the bigger the lie, the more it is believed. Outcome from a gullible and irrational public and Najib in a trust deficit situation will not make sense.

Wait for October 23. Deepak needs a new story and not recycle one [like this TMI report here] or it will fail like the Sirul story.

MUSICAL INTERLUDE: Flirting with disaster

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We're flirtin' with disaster, y'all know what I mean
And the way we run our lives, it makes no sense to me
I don't know about yourself or what you want to be, yeah
When we gamble with our time, we choose our destiny
Molly Hatchet (1979)

It's still propaganda and potshot to me

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Oh, it doesn't matter what they say in the papers
'Cause it's always been the same old scene
There's a new band in town
But you can't get the sound from a story in a magazine...
Aimed at your average teen
Billy Joel, 
It's still rock and roll to me, 
Glass houses (1981)

It's a long break from the last posting. Was in no mood to write. Wanted to observe for a couple of days. So far nothing of substance but sheer noises.

Though there was a statement by the Ruler's Council and followed up by among others, Tan Sri Muhyiddin Yassin, Azmin Ali, Salahuddin Ayub, and other cyber kompang team, it is filled with inconsistencies.

Why 1MDB issue means so much to Ruler's Council over many others similar issues and of similar implications?

If the complains before was of too much propaganda, getting more and more absurd, subtle internal sabotage, and ridiculous Tamil dramatising, this time around there is too much cheap potshot throughout Dato Najib's overseas trip.

It is not worthy to refer it as propaganda but typical unschooled pariah-ganda whose debating ability at best is making accusation of bloggers getting paid and working with Chinese. Whose supporting for the many months without job? 

Potshots


The potshot begin with claims of FBI to move in on Najib. The story was developed and executed by Dato Khairuddin Hassan and coordinated with Rupert Murdoch-owned Wall Street Journal and NY Times.

The story spread based on the two media reporting though there was no substance in their reports.


1MDB and police said no investigation was done by neither FBI or any foreign enforcement agencies. NO accounts frozen. Those disputing still say it exist but no details divulged. Where is the beef?

It is as much as there is no beef in Tun Mahathir's insistent that RM2.6 billion came from 1MDB. Money trail by their collaborators are faulty. MACC statement disprove it.

As soon as nothing happened to Najib abroad, quickly the regularly forgetting stateman talked of political immunity. 

There was potshot made of Najib bumping into Netanyahu and being polite. Tun M was equally polite with George Soros when he came to visit. Yasser Arafat was doing handshake with various Israeli leaders.

And they bought into Israeli Times's spinning?


Old pictures of Najib speaking at UNGA with an empty hall was viraled as though there was no attendee listening to Najib's speech. However Najib's speech was fairly well attended and he criticised Israel despite the pleasantries and right after Netanyahu spoke. 



There was also cheap potshots at Datin Seri Rosmah as observer at the UN General Assembly. It turns out the picture was of her at a Woman Conference. She did deliver a speech on gender equality there.

Poor Rosmah, the next destination in Milan invited another potshot that accused it as a shopping stopover.

As soon as Najib arrived in Kuala Lumpur, they were saying paid kaki bodek welcomed him. It is as if Tun M was never received by the thousands with keris and tengkolok presented for merely returning from a drug eradication conference at the UN. 

Ringgit fall


Ringgit was made a potshot too.

Thankfully, The Star had published Dato Idris Jala's article entitled Is 1MDB being unfairly blamed for volatile ringgit and other woes?

He denied the allegations and explained from 5 perpectives. Bullish US dollar and other currencies affected. Presented facts disputing investors losing confidence. What rating agencies actually said. Zeti's own denial of capital flight. Explained the non existence of public debt and fiscal deficit problems.

To quote Idris, below:
The problem is with speculators and traders taking positions on the ringgit and on the Malaysian stock market (“hot money”). To be clear, shifts in stock market value and currency are not classified as “investment” in official definitions of GDP or the economy. Hence, reduction in the value of the ringgit and the stock market do not reduce our investment and GDP figures per se.
Again we reiterate, why is Zeti not addressing the excessive speculation that have made ringgit value in the market not reflective of its so-called right value?

That is her job.

Tun M said ringgit will recover should Najib resign. Yesterday, it fell back to 4.25 level from 4.45. Did Najib resigned already?

TPPA


If there is any issue worthy to criticise of Najib's government, it is the TPPA. 

Though remain sceptical and in opposition of TPPA, the manner it was viral to blame Najib is both shallow and adolescent. The questionable issues lies in the details and hidden words, not in twisting the concluded negotiations as signed. Sample of such idiotic potshot:


MITI has done their best. There are aware of the various issues, pro and con. They did their best to defend our interest and play apart in stretching the negotiation till 5 years.

While, they claim our conditions are met, the details shows up many inconsistencies. The fair and equitable clause remain. What is that? If still asking, do learn up before commenting. 


TPPA is a case of crossing a bridge into a tiger's jaw but on the other side, there is a fire breathing dragon awaiting. Damn if I do, and damn if I don't. The parliamentarian has to argue according to the constituency interest.

Are they capable of doing so independently?

Ruler's Council


It is not only TPPA that await Najib upon his return from overseas, another development on 1MDB has huge psychological implication on the public.

It is yesterday's Rulers' Council statement as issued by the Grand Chamberlain (Is that the English word for Pemegang Chap Mohor Raja-Raja?) requesting investigation on 1MDB to be speed up as soon as possible.

It is good to have the Rulers nudge 11th hour Najib because there is no simple and convincing story to reply the suspiciously wild accusation of halting and delaying investigation.

It is a series of separated and isolated events with reasons of it's own. For propaganda convenience, it was simplified for public consumption. And, has catch on.

No time frame was mentioned but Tan Sri Zeti's statement that BNM completed investigation and passed it to Attorney General.

MACC said there is no link between 1MDB and the RM2.6 billion donation. In their bitterness for the disappearance of those involved in SRC, MACC said the macai cannot run forever.

How to speed up?  

Surely Najib cannot be brought to court and DPP argue that he be judged as guilty for swindeling RM2.6 billion based on allegation that he halted investigation.

It is quite fair to ask for investigation to resume than judging Najib as guilty.

Now why are the Rulers' so concerned with 1MDB?

Why not BMF, Maminco, ECM Libra-Avenue, PKFZ, and various financial scandal in the past with implication on the economy and international reputation? Why not many other long standing investigation that smells of cover-up?

Why no statement on the Tun Salleh Abas sacking which had implication on the institution of justice and fellow rulers knew the istana renovation allegation against Salleh was a fix-up?

Why protector of the Bumiputera right made no statement on 25 kampong demolished in Penang, Bumiputera's diminishing educational, employment and economic opportunities, palace abuse for business interest, etc?

Why no statement on the insults on Islam and infringement of Islamic interest?

Why no concern on issues of sovereignty, subversive DAP-instigated racial unrest and ISIS and syiah cells jeopardising nation's securities? 

Still could not fathom why Rulers' inconsistency to produce that statement. Already there is speculation at large that Ruler's Council meeting Chairman, Raja Perlis has an ex-to-grind with Najib.

There is also speculation Rulers are jealous of one brother Ruler for getting his way for a certain local content on Federal contracts dished out in their state.

RPK here suspected it is the hands of Tan Sri Sanusi Junid.

And, few bloggers are insinuating Sanusi as dipping his hands in two pools. Hope it is not because he is vocal. Free country as long it is not a lie.

Akramsyah would be furious with such wild accusations. If he is not responding with a posting, then that is something to ponder.

The final question and related to the accusation of invisible hands behind the scene.

Was the Rulers briefed and given a fair view of the 1MDB issue?


Someone should send the Q&A pamphlet to the palaces for a copy. 

Yet to mature

At the end of it, Malaysia must mature in it's politics. Appreciate the diversity and differences in opinion then we be united.


Mufti Menk talks of unity within the context of the differences in Islamic sect. However it is relevent to non Muslim Malaysians.

Unfortunately in Malaysia, when views differ, we behave immaturely.

They do labeling, socially discard friends away, badmouthing with wild accusation, do cheap potshot, etc. When told facts are wrong, they say facts do not matter but principle matters. Is it principally right when based on a lie?

When unable to explain with credible story and facts, they say it does not matter!

Shallow is the political attitude. With all these potshots and cheap propaganda happening to take advantage of the gullible public, it is still rock and roll to me.

Royal rebuke exposed more of Zeti's incompetency

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The first two para in Bank Negara Malaysia's description of "About the Bank" in their website [read here] explains their role, crystal clear:
The role of Bank Negara Malaysia is to promote monetary and financial stability. This is aimed at providing a conducive environment for the sustainable growth of the Malaysian economy.

Bank Negara Malaysia’s monetary policy stance is to maintain price stability while remaining supportive of growth. Bank Negara Malaysia is also responsible for financial system stability. This is achieved by developing a sound, resilient, progressive and diversified financial sector which serves to support the sectors of the real economy. It also plays an important function in implementing initiatives to deepen and strengthen the financial markets, including the foreign exchange market.
Do the instant noodle foreign exchange experts need further explanation? Those still asking what else BNM can do should refer to their 1999 publication: The Central Bank and the Financial System in Malaysia: A Decade of Change.Probably there are more updated editions.

If it does not add up to 10, come back to a former "agent" for BNM interventions in Forex and Money Market. Happen to spend his semi-retired free time as a blogger these days.  

On the ringgit market, there had been a profit taking activities that saw a temporary breather from the bullish US dollar condition. It could also be a retracement but no intervention reported [read a report here]. The 1 year chart above indicate also a new base forming.

More important, the chart tell us that the country's foreign exchange ringgit market is not stable and not conducive for the sustainable growth of the Malaysian economy. Does it indicate Zeti doing anything?

If still defensive, we can only repeat this quote, "We must not let other people's limited perceptions to define us." At least you should appreciate as to why we are adamant to say Zeti is a smart academics but crumble under pressure.

There is more indicators of her incompetence.

Attorney General's clarification to the pre-council statement by the Rulers' Council was most interesting:
PRESS RELEASE

REGARDING STATEMENT ISSUED BY THE KEEPER OF THE RULERS’ SEAL ON BEHALF OF THE MALAY RULERS

With reference to the statement issued by the Keeper of the Rulers’ Seal on behalf of the Malay Rulers on 7 October 2015 and prior adverse or negative statements and comments against the Attorney General’s Chambers (AGC) on the delay in the completion of the investigation related to 1MDB and a decision thereon, the AGC wish to state the following.

The Task Force on investigations into 1MDB has never been dissolved or disbanded and the AGC has never made any statement to that effect. In fact the investigations conducted by the respective agencies were never at any time halted or hindered. The Attorney General has been constantly monitoring and giving instructions to the relevant agencies whenever the investigations were referred to the AGC, including instructions to expedite investigations.

As of today the Royal Malaysia Police (RMP) and the Malaysian Anti-Corruption Commission (MACC) have not completed their investigations as some key witnesses’ statements have yet to be recorded.

As for the Central Bank of Malaysia (CBM), the investigation was conducted into 1MDB for an offence under paragraph (4)(b) of Part 1 of the Fifth Schedule to the Exchange Control Act 1953 namely, knowingly or recklessly making a statement which is false in a material particular.

The investigation paper (IP) was submitted to the AGC on 21 August 2015. Having studied the IP, the Deputy Solicitor General 1, Datuk Tun Abd Majid bin Tun Hamzah, decided that there was no offence committed by the 1MDB officials and directed that no further action should be taken. The IP was returned to CBM on 11 September 2015. Hence the decision had been communicated to CBM on the same day.

However, on 1 October 2015 CBM transmitted a letter of request to AGC to have the decision reviewed. Having considered the request and the fact that there was no new evidence made available, the Attorney General decided to maintain the decision made earlier.

In this respect, the AGC would like to state that what had been in the news between 12 September 2015 until today concerning the IP still being with AGC and that discussions were ongoing, is inaccurate and not true.

ATTORNEY GENERAL’S CHAMBERS MALAYSIA
8 OCTOBER 2015
3.30 PM
According to the Exchange Control Act here, para (4) of Part 1 of the Fifth Schedule of Exchange Control Act reads:
4. No person in or resident in Malaysia shall—
(a) with intent to evade the provisions of this act, destroy, mutilate, deface, secrete or remove any documents;

(b) in furnishing any information for any of the purposes of this act, make any statement which he knows to be false in a material particular, or recklessly make any statement which is false in a material particular;

(c) obstruct any person in the exercise of any powers conferred on him by virtue of this part
The offense is punishable by fines up to RM10,000 or imprisonment up to 3 years or both.

The punishment is no misdemeanor but it looks like Bank Negara was investigating 1MDB on technicalities similar in nature to Dato Khir Toyo being imprisoned for transacting with someone with dealing with state government despite mush talked claiming it is bribe.

More cases of incompetence.

An operator of SSTDM and reformasi leaning, Wan Ahmad Fayshal posed several questions in Facebook here to create doubt. Pro-UMNO bloggers, Facebookers and politicians seemed to buy into his lies. WAF missed something cardinal. 
 Why was BNM only investigating on the above clause?

This blogger was made to understand that the alleged false information was related to othe Cayman Island investment that is placed in BSI account in Singapore.

It is logical since it was initially informed in Parliament and public as US dollar cash and become a weapon by pro-Tun to blame Arul Kanda as lying but it was voluntarily corrected as Units in a Sovereign Fund.

To be charged for a mistake, it would be a misdemeanor. That is unless there is a clear intention to deceive. Since it is voluntarily corrected, it is not. God knows what happen behind the scene, but there is something more puzzling.

Is that what Bank Negara only went after and found? Did BNM investigated but could only find a misdemeanor?

It would mean there is no issues despite the numerous allegations and money trail published. BNM was said to have done the money trail with collaboration with their overseas counterpart.

The money trail from 1MDB to Petrosaudi till Najib's account published by Sarawak Report had a major factual error on Good Star Ltd. It is heard The Edge bosses was angry with Clare Rewcastle for fabricating and publishing the piece of information.

Tempted to say BNM could not find anything wrong and found no credibility with the money trail, thus did not pursue those issues.
On that note. Dato Khairuddin and Matthias Chang could be in serious trouble for economic sabotage for fabricating an international level slander.

Under SOSMA, it is difficult to help unlike in 2010 [read here and here]. He has capable lawyers to help.

Heaven's do not play the same hunger strike game again. You are no Gandhi-ji. One could get sprayed like at Kota Baru airport for repeating the same trick.

Worse still, one could be seen as guilty by playing perception game. Kudin already did an Anwar with his dengue.
More on Zeti.

Oh boy, our so-called "salary", as the protun cybertrooper claim when lack of any intelligent argument, could be withheld for this but we will still do.

Is Zeti doing a cover-up by not investigating all these? It would be convenient to some to blame on AG also.

Zeti's claimed she did not know of the remittance of foreign money to the tune of RM2.6 billion into Najib's personal account at Arab Malaysia. She may not be telling the truth and suspiciously playing games.

We know. Foreign exchange, foreign remittances, BNM operations and exchange control are not something unfamiliar. At least, for the last 30 years. It cannot not be undetected.

The preliminary deduction is Zeti could be an accomplice but pretending to be victim, doing a blame game and subtly doing sabotage to regain credibility. If not, she is plainly as incompetent as her inability to manage the Ringgit market.

Azmi Arshad: ".. can't provide proofs on billions missing..."

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BNM STATEMENT.... THAT'S ALL YOU'VE GOT?

Azmi Arshad

Zombies and Poops are so desperate that they have to resort to amplifying and spinning the words contained in any statement that does not make the AGC and 1MDB appear in good light.

We can easily observe they pretend to be shocked that foreign media is reporting negatively about the country although we know they are the ones collaborating with the foreign media. They trumpet the statement by the Conference of Rulers (which is what the government also wants) even if it’s purely sentiment. And now they wave in our face BNM’s statement that has nothing to do with the (obviously false) allegations against 1MDB.

That’s because they just can't provide proofs on billions missing, money being siphoned out by Jho Low or anyone, the BSI asset being worthless, loan defaults, money laundering, illegal fund transfers etc.

That’s why they have to move the goal posts.

The BNM statement was nothing about corruption. Nothing about billions missing. Nothing about illegal fund transfers. Nothing about money being siphoned out. Nothing about money laundering. Then what else is there? Well, with the help of a microscope, there might be technical or procedural imperfections, if any at all -- maybe typos in filling up the forms.  

Pathetic.

The BNM statement said (CAPS are mine):
"As an investigative authority, the Bank is duty bound to conduct its investigations with the highest professional care and diligence. The Bank at all times expects full and accurate disclosure of information by applicants in considering any application under the ECA. On its part, the Bank concluded that permissions required under the ECA for 1MDB’s investments abroad were obtained based on INACCURATE OR WITHOUT COMPLETE DISCLOSURE of material information relevant to the Bank’s assessment of 1MDB’s applications."

The first thing this proves is that BNM was indeed aware that 1MDB was transferring money out and they indeed did get BNM approval. That is, 1MDB went through the proper regulatory process. If only BNM had told us this much earlier before zombies and poops went into their fitnah frenzy.

It’s interesting that BNM did not explicitly say whether the permissions (given from 2009) were now revoked due to "inaccurate OR without complete disclosure of material information". Notice the conjunction used was “or”, not “and”.

It’s like saying if not maybe this than maybe that. This makes the grounds look quite flimsy but enough for BNM to want to appear “independent”.

At least it’s not as comical as the charge sheet that supposedly former Attorney-General Gani Patail was going to issue even before the completion of MACC’s investigation. (Remember that the “Special Task Force” formed by Gani — but which was not legally constituted — included BNM and MACC and remember that leaked documents also came out of BNM therefore it cannot be discounted that there are also saboteurs in BNM. Looks like this is the best they could come up with).

This is as subjective as it can get:

BNM can say the information was inaccurate but 1MDB can also insist the information was accurate and complete.

Someone would be lying — either 1MDB or BNM— if BNM had said the information provided was FALSIFIED but BNM knew they wouldn’t have been able to get away with such an explicit statement. “Inaccurate” or “without complete” information are safer bets (so BNM can get away with semantics) but obviously AGC relies on higher standards of evidence for prosecution.

By the way, in respect of incomplete information, if true, BNM itself can be accused of negligence. 

We’re talking about US$1.83 billion so BNM should have kept requesting for information until they were satisfied they had all the information they needed. That’s just my personal opinion based on common sense.

Furthermore the use of the funds were described in 1MDB's audited accounts i.e. there was never been any attempt to hide such information.
“... the use of those funds have been described in detail in the notes to 1MDB's publicly available financial statements dated 31.03.2009 to 31.03.2014."

" 1MDB has painstakingly provided multiple detailed written and verbal explanations of these facts to BNM between June and end-September 2015."

"1MDB fully acknowledges and respects the authority of BNM to revoke its earlier Permissions and to issue any Direction it deems fit under the Financial Services Act 2013, despite the AGC confirming that no offence was committed by 1MDB officials. 1MDB commits to cooperate and continue engaging with BNM, to address their concerns and seek a viable resolution of this outstanding matter."

LSS’s post enlightens us on the details on how the US$1.83 billion was utilised and its repatriation. (
https://www.facebook.com/lim.siansee/posts/1726841424201311).

Just another PE by poops. This is getting monotonous. Enjoy your weekend.

- AA -

------------------------------

It is a starter. 

It looks to be Tan Sri Zeti slept on her job and to cover her negligence, she resort to do another ringgit-down-blame-1MDB strategy.

As a recipient of neo-con monetarist award for Central Banker of the Year, she is doing an action similar to Anwar-IMF like policy to recall an existing loan. When that happened in 1998-2000, all businesses with loan commitment with Banks go under immediately.

In this case, Zeti's action serve to fail the 1MDB's rationalisation plan and railroad PM's promise to resolve the debt burden within 6 months to cover possible mistake done by her in 2009 to approve and failure to monitor through the years.

Is this not a blame game and sabotage?

More tomorrow from us    

Zeti continuously slept on the job

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Attorney General statement said the report submitted and application for review by BNM was in insufficient to bring a legal case on 1MDB for alleged offense under para (4) of Part 1 of the Fifth Schedule of Exchange Control Act.

In her statement here, Tan Sri Zeti Akhtar Aziz noted AG's sole power under the constitution to make assessment and initiate criminal proceeding. Zeti admitted:
On its part, the Bank concluded that permissions required under the ECA for 1MDB’s investments abroad were obtained based on inaccurate or without complete disclosure of material information relevant to the Bank’s assessment of 1MDB’s applications.
It means Zeti tidor and simply approved 1MDB's application based on as she alleged now as "inaccurate or without complete disclosure" in their assessment to approve in 2009-11.

That is 4-6 years later.

Through the years of 2011-2015, 1MDB, still maintaining respect for the BNM, claimed in their public response here that they provided information on "the use of those funds have been described in detail in the notes to 1MDB's publicly available financial statements dated 31.03.2009 to 31.03.2014".

Failing to find evidences on 1MDB for more serious crime and failed to charge 1MDB for a Exchange Control misdemeanor, BNM decided to bypass AG and abuse their power to:
Therefore, the Bank has revoked three permissions granted to 1MDB under the ECA for investments abroad totalling USD1.83 billion and also issued a direction under the Financial Services Act 2013 to 1MDB to repatriate the amount of USD1.83 billion to Malaysia and submit a plan to the Bank for this purpose.
Zeti slept on the job in the same manner she slept when RM 2.6 billion came into the country and into one bank account. Do note BNM audit all banks and missed something major in 2013.

In desperation to cover what we said before as the burden of her respinsibilitu is too heavy, she is trying to ensure her legacy is untarnished.

She has to do another blame game this time on AG and 1MDB to cover-up for her incompetency by pinning anything on 1MDB and take the law into her own hand.

Knowing well the USD1.83 billion will settle one third of 1MDB debt, the revocation is intended to start a Bank default, bankrupt 1MDB and cause a financial market meltdown. This is outright economic sabotage!

Any clause in SOSMA for it?

Power abuse

In the first place, it is an encouraging development to know more specifics on the investigation.

Police and MACC is still having trouble with witnesses on the SRC investigation. No wonder MACC Commisioner was furious with the macai trying to hide away. It shows the charge sheet revealed by Sarawak Report os a hoax.

In the meanwhile, 1MDB had "fully cooperated" with BNM investigation by "submitting written answers and sharing relevant documents', and cooperated to allow "detailed witness statements being recorded" from past and present 1MDB members of the BOD and officers.

BNM had submitted their report to AG but the evidence is viewed as not able to hold up in court. Have heard commercial crime police complaining in the lack of passion of BNM investigators thus few prosecution on AMLA.

Thus it is most unfair on Zeti to abuse her power. She approved 1MDB application to invest abroad in 2009-11, and was responsible to monitor or at least go through the reports submitted by 1MDB through out 2011 to 2015.

"As the banker and adviser to the Government, Bank Negara Malaysia provides advice on macroeconomic policies and the management of public debt [read website here]."

Zeti slept on the job and failed to realise 1MDB was not prudent in their debt management. 

Obviously, she is acting based on public allegations by Tun Dr Mahathir, Tony Pua, now silent Rafizi, Sarawak Report, The Edge, and many others. Thus far they have provided no proofs of their allegations except spins, propaganda and even fake money trail.

Tony Pua has been constantly barking on the debt rearrangement plan with IPIC despite 1MDB continuosly responding [read here, here, here, here and here]. Looks like Tony is backing Zeti and his evil intention is glaring [read TMI here].

Coincidently, Tony was using it as a diversion to redirect attention from investigation into his involvement with Clare Rewcastle Brown, Xavier Justo, Dato Tong Kooi Ong and Ho Kay Tat. He can't run and risk trouble with the law.

Sabotage

This only means Zeti is incapable making proper assessment in the area of enforcement and resort to take their words as good for another blame game to cover-up for her incompetency by demanding 1MDB to repatriate RM7.5 billion back.
 
Zeti knows well that it is an essential part of 1MDB-IPIC debt settlement arrangement to generate cash and reduce debt by one third i.e. RM16.5 billion. 1MDB said:
The overseas investments of US$1.83 billion relates to historic equity and murabaha loan investments in a joint venture with PetroSaudi in 2009 – 2011, that was eventually converted in September 2012 into fund units valued at US$2.318 billion. As previously explained by 1MDB to BNM, this sum of US$2.318 billion has been redeemed in 2014 and 2015, with proceeds being substantially utilised. The remaining US$940 million of fund units, are guaranteed by Aabar and have been ear-marked for a "debt for asset swap" with its “AA” rated parent, IPIC, as part of the 1MDB rationalisation plan.

It is, therefore, clear that the original US$1.83 billion sum has either been spent or ear-marked for debt settlement arrangements, that will result in a substantial reduction of 1MDB’s debt, per the rationalisation plan. 1MDB has painstakingly provided multiple detailed written and verbal explanations of these facts to BNM between June and end-September 2015.
The debt reduction will serve to improve investor sentiment and hopefully strengthen the ringgit and the economy. Why then is BNM asking for the money to be repatriated?

Zeti's intention is similar to Anwar-like IMF policy to direct Banks to recall on outstanding loans instantaneously during the 1998-00 financial crisis. By doing so, she is doing an Anwar-like sabotage to bankrupt 1MDB [read RPK here].

Banks will be forced to recall loans to 1MDB and it could a lead to a default. 1MDB already highlighted that "those Permissions, when granted, had no requirement for funds to be repatriated."

One can expect a string of embarassing lawsuits between a government company, 1MDB and government's central bank. Not to mentioned with other lawsuits involving Banks and other parties. It will be watched closely by the global financial community.

Instead of ensuring financial stability, Zeti and BNM risking a financial meltdown of the Malaysian capital  market.   

Playing politics

All this exchanges started out from a pre-council statement by the band of rulers. If not for the statement by Dato Ahmad Zahid Hamidi [read Bernama here], only was it realised the statement came after a "pre-council" meeting.

Was it attended by all the brother rulers or was it only by those involved in some agenda setting for the council and organisational matters? Why would all the rulers involve themselves in a pre-council meeting and come again for the council meeting? RPK has more here.

Questions meant to ask and not dishonourably accuse.

The ruler's statement brought a response by the Attorney General office to deny accusation of halting investigation, and up-dated development in the investigation [read previous posting here].

The accusation on 1MDB has been of money laundering, embezzlement, RICO, collusion with auditor, etc. but it turned out to looking to be for online form filing in which the offense is subjective to BNM discretion.

It is like being accused for murder but charged for traffic fines. Fine, it is a bit of an exaggeration. more similar to the perfect set-up on Dato Dr Khir Toyo. Accused of corruption but charged for code of conduct of public servant. Lim Sian See has elaborated here.

1MDB had been sufficiently transparent with BNM. Information are all in the audited financial accounts. When it was presented in 2009-2011, BNM approved. Through out 2012-15,  Zeti did nothing.

When Tony Pua and other distractors made a fuzz over the debt settlement arrangement with IPIC and fake document backed allegations, only did Zeti decided to take the cue.

Zeti been sleeping on the job and now doing another blame game like her inability to manage the currency. As RPK claim here, she is playing politics!

This blog was the earliest to say Zeti is blaming others to cover her inadequacy and may have intentionally allow the sharp fall in Ringgit by doing nothing. She may have possibly triggered the sharp fall in Ringgit

It is glaring that she is subtly doing a sabotage. Each time there is good news by 1MDB, BNM would scuppers it with an announcement.

For example, 1MDB received cabinet approval for the rationalisation plan and to repay the USD975 million Deutche Bank loan in June. Zeti's response to announce their investigation!  

Now that 1MDB announced the IPIC deal, good economic numbers are showing and Malaysian Ringgit strngthen, and AG says NFA, Zeti pulls of a tantrum.
  
If Zeti expressed her wish to finish her remaining two years of her strange 5-years extension, then she better work with the government and not for the political interest of Tun Dr Mahathir, Tony Pua, Sarawak Report and The Edge.

Najib has no intention to dismiss her as Life of Annie claim here. It was Najib that instructed to have the MACC officers return back to MACC. It was KSN and JPA DG that memandai. to do the immediate transfer to PM Department.

However, Zeti better not get involved in document leakage and collaborate to topple the Government through unconstitutional means.

She was rumoured to have given unfinished investigation paper to Gani and the documents inside was the one that got leaked. Rest assured, it is still a rumour.

Hazy sky to hazier politics

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Selamat Maal Hijrah.

It was looking clear from one room in Langkawi yesterday. However, scenery last week was bad as it was covered by haze. The first night was in Penang and the whole island "disappeared" from Peninsular sight under the haze.

Pity the tourist that spend money for a holiday but end up staying in for few days. The place we stayed over advised the tourist on what to do and provided room service. It was heard that Langkawi airport was not operating on Monday and Tuesday and only revive operation Wednesday night due to poor visibility.

A friend had his Malindo flight going around in the air for an hour before they could land. Some flights had to return back to KL or from where it came from.  It was quite chaotic. A certain airline just abandoned their passengers without anyone at the airport bother to communicate or assist the stranded passengers.

The state of Malaysian airlines. Some take care of their passengers very well and more than making money for the company. Some only care for money but passengers still come. Yet wish to use Langkawi as one of their hub.

You guess it right.

We have been on the road and thus the reason comments could not be released from our last posting. Left right after last posting on Tan Sri Zeti. 

It will be throughout this week - doing fact finding for work-related matter, visiting old friends, giving talk and briefing, and to witness an event that could be a turning point. There have been few headline events but nothing substantive on the fact and substance, just hazier politics.



Tun Mahathir, few ex Ministers and veteran leaders of UMNO with a single one from BN made a prerss conference expressing concern on SOSMA on Monday morning.  Sensing it is still a propaganda game which serve to express bias propaganda statements for their political objective to bring Najib down.

Instinct say, it is part and parcel of the hype for the Parliamentary seating which begins October 19th. From there on, it serves to prolong the outcome till UMNO General Assembly in December, we believe.

Will aspect the repeated calling of coward on Dato Najib if he does not go for the vote of no confidence. Should brave it and take the chances. Do the 14 suspects dare vote against Najib since it needs at least 40 votes from BN plus the participating opposition votes to bring Najib?

It is heard 4 is for sure - one from Johor, one from  Kedah, one from Sabah and one more forgotten. But it is also heard that they will not vote against PM but just go absent.

Hope those from Kota Belud will allow for it is chances worthy of taking. It helps Najib to know what to do next.

By noon, Dato Khairuddin Hasan and Matthias Chang was charged.

Khairuddin's lawyer withdraw application against SOSMA. It is not like ISA. If there is a case, it will be taken to court. Not like ISA where detention could be indefinite and offenses undefined.

The latest AG issued a statement that explain in detail their action:


ATTORNEY GENERAL MEDIA STATEMENT

Charges Against Khairuddin Abu Hassan and Matthias Chang

On Monday, 12 October 2015, Khairuddin Abu Hassan and his lawyer, Matthias Chang were charged under section 124L of the Penal Code, read with Section 34 of the Penal Code for attempting to sabotage Malaysia’s banking and financial systems.

The action has been questioned by certain parties, including in the article published in the Star on 12 October 2015, titled ‘Dr M, Ku Li team up to slam Sosma detention of 1MDB critics,’ as being an abuse of the government powers.

The Attorney General’s Chambers clarifies that both Khairuddin Abu Hassan and his lawyer, Matthias Chang are charged under section 124L of the Penal Code and not the Security Offences (Special Measures) Act 2012 (SOSMA).

The Attorney General’s Chambers further clarifies that the Security Offences (Special Measures) Act 2012 (SOSMA) is a procedural law that provides special measures to facilitate the investigation and prosecution ‘security offences”. The definition of ‘security offences’ makes it clear that the SOSMA is not limited to terrorism or terrorists.

The ‘security offences’ to which the Act applies are those listed in the First Schedule to the SOSMA. When SOSMA was enacted, the listed ‘security offences’ were offences under Chapter VII of the Penal Code (Offences against the State) and Chapter VIA of the Penal Code (Offences related to terrorism).

In 2014, the list was extended to include Chapter VIB of the Penal Code (Organised Crime) as well as offences under Part IIIA of the Anti-Trafficking in Persons and Anti-Smuggling of Migrants Act 2007. The list was further extended in June 2015 to include the Special Measures Against Terrorism in Foreign Countries Act 2015.

Section 124L, of the Penal Code is an offence under Chapter VI of the Penal Code. It was one of seven new offences introduced into Chapter VI of the Penal Code in 2012 through Penal Code (Amendment) Act 2012. It is therefore a ‘security offence’ to which SOSMA applies.

The seven new offences are namely:
  • Activities detrimental to parliamentary democracy (section 124B)
  • Attempt to commit activity detrimental to parliamentary democracy (section 124C)
  • Dissemination of information (section 124H)
  • Sabotage (section 124K)
  • Attempt to commit sabotage (section 124L)
  • Espionage (section 124M)
  • Attempt to commit espionage (section 124N)
These offences were in addition to the reenactment with modifications of certain offences which used to be in the Internal Security Act 1960, namely the new sections 124D, 124E, 124F, 124G, 124L and 124J. The above explanation can be seen in the Explanatory Statement to the Penal Code (Amendment) Bill 2012.

Section 124L, of the Penal Code provides that ‘Whoever attempts t commit sabotage or does any act preparatory thereto shall be punished with imprisonment for a term which extend to fifteen years.’

In this regard, section 130A of the Penal Code defines the term ‘sabotage’ to mean an act or omission intending to cause harm, among others, to the maintenance of ‘essential services’ while the term ‘essential services’ is defined to include banking and financial services.

The Attorney General’s Chambers provides this clarification on the provisions of law that have been applied in the case of Khairuddin Abu Hassan and Matthias Chang to prevent any further misleading statements, regarding the relevant provisions of law.

However, the Attorney General’s Chambers is not at liberty to divulge any facts pertaining to their cases as the matters are pending before the court.

ATTORNEY GENERAL’S CHAMBERS MALAYSIA
13 October 2015

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Heard the two had been loud, angry and lepas cakap during interrogation. Matthias did his hunger strike antics but only for 8 days.  

It is clear as crystal that the police report, report to financial and securites authorities and attorney office done by both of them led to false reporting by neo-com media which quoted confirmed and unsubstantiated reports by Rupert Murdoch's NYT and WSJ.


It had affected ringgit badly. Partly helped by Zeti's sabotage by not doing anything.

Whatever it is they have a chance to defend in court. Expect an Anwar-like court antic from Anwar's cousin, Khairuddin. Matthias ... no more contempt of court. Someone said they can't help them him this time.

Attorney General also explained their action to reject Zeti's application to charge 1MDB:

PRESS STATEMENT IN RELATION TO THE DECISION TO CLOSE THE BANK NEGARA MALAYSIA’S INVESTIGATION ON 1MDB

The alleged offence investigated into by Bank Negara Malaysia is paragraph (4)(b) of Part 1 of the Fifth Schedule to the Exchange Control Act 1953 namely, knowingly or recklessly making a statement which is false in a material particular. In short the statement made must be false and material to the subject matter i.e. the information requested by Bank Negara Malaysia at the time when the application/s for remittances were sought for and in response to further information requested by Bank Negara Malaysia.

1MDB obtained three permissions from Bank Negara Malaysia to make remittances, namely on,

(1) 29 September 2009,

(2) 6 September 2010, and

(3) 20 May 2011.

It is noted that Bank Negara Malaysia did not take more than three days to grant the said permissions on all three occasions.

It is further noted that the relevant ECM forms namely 09A and 06B do not require the applicant to supply the name/s of beneficiary owner or the bank/s accounts numbers of the recipient/s or the manner as to how the funds to be channeled.

When 1MDB requested Deutsche Bank (Malaysia) Berhad to remit to a different account, Deutsche Bank (Malaysia) Berhad sought clarification from Bank Negara Malaysia and Bank Negara Malaysia responded by advising Deutsche Bank (Malaysia) Berhad that it being a business decision and as long as there was no deviation from the purpose intended and no further query was made by Bank Negara Malaysia at that particular time.

Bank Negara Malaysia being the controller did not stop the remittance or direct Deutsche Bank (Malaysia) Berhad to advise 1MDB to revert to Bank Negara Malaysia for a review of the permission. Clearly there was no information or further information requested by Bank Negara Malaysia at that material time. 1MBD rightfully furnished the information required for the purpose of the remittance.

The relevant forms for remittance in this case did not require the applicant to state the bank account number and the beneficiary of the same as in ordinary remittances which would enable Bank Negara Malaysia to go one step further to verify where the funds will end up to. Since there is no requirement, the omission on 1MDB officials’ part to disclose is not an offence under the Act.

As far as 1MDB is concerned it needs to fill up the relevant form and responds to the queries by Bank Negara Malaysia. If Bank Negara Malaysia does not request for certain or specific information how could 1MDB be faulted as it has filled up the form as required and responded to the queries made?

The officials of 1MDB at all material times i.e. during the process of obtaining the permissions had complied with the directions given, hence the permissions/approvals granted. Until and unless it can be shown that the officials had deliberately or knew or even recklessly provided information that were false in material particulars, they had committed no offence under this Act.

The Bank Negara Malaysia however vide a letter dated 1 October 2015 requested for a review of the decision citing omission on the part of 1MDB i.e. non-disclosure of certain information. As far as omission is concerned, there is no obligation to inform unless requested. In this respect and the fact that there is no new evidence made available, we do not see the necessity to review.

ATTORNEY GENERAL’S CHAMBERS MALAYSIA
13 OCTOBER 2015

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In your face Zeti!

She was also abusing power to attempt to sabotage 1MDB:


While Matthias and  Kudin is being charged for sabotage, Anwar used to be imprisoned for abuse of power. Will Najib dare do?

Clearly now, Zeti's stance is clearly prejudicial against the government. Why then she decide to finish her term? If she was forced to allow the RM2.6 billion deposited, she should have resign in protest! Typical no class from neo-con's monetarist Central Banker of the Year.  

The facts are there and process is clear. Slowly the truth is beginning to surface but can the public appreciate it?

There is too much propaganda and simplistic conclusion made not based on fact or at least a sensible and unarguable basis.

Most likely there will be propagandic allegations that this selective prosecution and why is Tony Pua and Rafizi not charged? Why not charge Clare Rewcastle, Ho Kay Tat, Dato Tong Kooi Ong, and even Tun Dr Mahathir?

Kept being repeated every Tuesday is when will WSJ be sued by Najib. Hope it was not from our recommendation because we wrote asking him to sue.

A lawyer friend was concerned with happenings and public perception. Anyway, excerpt of our reply:
 


PAS need to remain steadfast

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PAS is holding the Fastaqeem Himpunan 60K today in Kota Baru these evening. The event kicks off 3:00 PM with youth events. The main event will be the mass maghrib and special sunat hajat prayers in the evening.

It will be followed by a series of speeches by the new office bearers of PAS with the finale by the Kelantan MB, Dato Ahmad Yaacob, Spiritual Leader, Dato Harun Din, and Presiden Tuan Guru Dato Haji Hadi Awang.

A PAS Youth received from reliable sources revealed outside speakers, as in Tuan Haji Azmi, likely the leader of NGO Teras, Tan Sri Abdul Kadir Sheikh Fadzir, protem President for Ikatan, and PKR Deputy President, Azmin Ali.

However, these names did not appear in the official schedule received.

Since PKR have officially joined hands with DAP and Pakatan Amanah Nasional (PAN) to launch Pakatan Harapan (PH), they have conceded to the request of DAP to reject PAS. The probable presence of Azmin Ali is a surprise.

Seasoned political analyst with The Malay Mail, Zainal Epi mentioned the same in the October 15th issue.

PKR


Azmin Ali is believed to be behind the move by some 25 PKR leaders that petitioned for PKR to review their position in Pakatan Harapan.

However, it appeared that Secretary General, Rafizi Ramli is behind the protest against choosing PAN over PAS.

It is heard that it was a deceptive move to remove Rafizi from the Sec Gen position and have him replaced by the just joined from PAS, the ex-ABIM and ex-PAS Treasurer, Dato Kamaruddin Jaafar.
Rafizi should just remain as Vice President.

Azmin is comfortable with PAS since it was PAS support that enabled him to attain the Selangor MB post over PKR President, Datin Seri Dr Wan Azizah Wan Ismail. The planned Kajang Move failed!

He has ignored DAP's call to remove the two PAS exco members and happenings in Penang where AMK demanded the removal of PAS from all state government position. How long before Azmin make a decision to pick one over the other?

The appearance of Azmin tonight will serve to confirm this rift in PKR and PH.

New PAS


In his analysis, Zainal Epi expressed the view that the opposition is struggling to find a common platform.

Till some arangement like Semangat 46 forming Barisan Alternatif with DAP but form Angkatan Perpaduan Ummah with PAS, there is expected to be clashes between PAS, PAN and PKR in the coming general election.

That could only split votes for BN to win or even possibly split Malay votes for a dark horse candidate such as DAP proxies to win.

Zainal views PAS optimistically and they should still remain as a force. On a one on one with UMNO, PAS could win more seats than before.

But, how many seats will PAS run?

In the last general election, UMNO ran for some 200 Parliamentary seats. PAS maybe limited by the arrangement with other Pakatan Rakyat parties in the last GE to run only in 60 seats.

By not aligning to neither BN or PH, PAS could run in all the seats ran by UMNO and stay true to a once campaign slogan to replace UMNO.

Do they have the financial resources to run in 200 seats?

Fastaqim means to remain steadfast. It appears in the Al Quran as Fastaqim Kama Umirt, meaning Be Upright as Ordered.

The event tonight is to strengthen the bond among leaders, members and supporters, reinforce their original Islamic struggle and as a show of force.

Since the clean-up in the last party election which saw the Anwarinas not only lost in all positions except for one Mazlan Aliman, but all had left to form the DAP-funded PAN. There are few that left to join PKR and DAP.

Together with leaders leaving are the grassroot leaders amongst professional and grassroot activist. However, it is believed that all the leaders that left have been systematically replaced and their role taken over seamlessly.

The fresh look PAS may appeal to voters and they could take advantage of the leadership crisis and internal quarrel in UMNO.

If they could do the difficult transformation to put up new and clean faces for the next GE, PAS is a force to be reckoned, with or without other members of Pakatan Rakyat.

PAN

Indications are PKR and PAN are in fear of PAS going at it alone. PKR had been known to depend on PAS machinery and their structural weakness will be more visible. Their recent AGM saw empty halls.

Although protem President Mat Sabu expressed no compromise in the event of three or four corner fight for PAN with PAS, former Speaker and now Kelantan PAN Chairman, Dato Wan Abdul Rahim said PAN will not run against PAS in Kelantan but assist to maintain PAS legacy in Kelantan.

Anuar Tahir was recently said that PAN is willing to accept PAS in PH if PKR and DAP agree.

It is indicative of their sentiment towards PAS.

For PAN in Kelantan, they may not have the strength. Though they claim 8,000 membership, it is laughed off as 8,000 membership forms. 

DAP Semenanjung could accept PAS, but will DAP Sarawak or Sabah accept them?

Strangely PAS Sarawak said they will give way to PAN. Most likely it is a deception game of PAN who could be in control of PAS Sarawak.

One source within PAS said the number of migration to PAN is nothing to be worried but there is also the belief that there are many more. It is the the baiah that is holding them back.

There are still those still staying out of loyalty to the old timer leaders but their excitement with the party is lost with the departure of the more creative leadership of PAN.

Kelantan


The intention of tonight is to strengthen the bond within but in Kelantan, there is emerging a new opposition in Dato Husam Musa.

He has been vocal against state government and citing logging contracts, exuberent spending and exorbitant lifestyle of state leaders.

Husam's problem will be his reputation.

It is most difficult for the public to believe him as being concern for logging contract abuse.

He is still suffering from the perception that his Gold Dinar initiative was a financial scam. It is no more an ongoing concern and this blog has posted extensively on it.

Husam is not expected to attend tonight's do. So will his target for exorbitant lifestyle in the Deputy MB, Dato Nik Amar whose role is to hold the ulamak faction fort in Kelantan.

Will tonight's speeches be about bashing of PAN or other members of PH like current arch-enemy DAP?

There will there be the customary bashing of BN. However, there is the believe that UMNO and PAS has come to an understanding though there will be no coalition.

That opens PAS to many options and possibilities after the GE, whether to join with PH or BN.

However, there could be a spoiler in the wake for BN.

PAS was reported by pro-opposition media as having come to a cooperation with Perkasa . Dato Ibrahim Ali and Hadi Awang was seen shaking hands and embracing with warmth.

It is a far different response from Hadi for Tun Dr Mahathir's gesture to embrace him.

Could the cooperation be only a spin?

It is heard it was only a non-committal common understanding on issues of 1MDB, TPPA and SOSMA. Thus it could be Ibrahim Ali securing PAS support for Tun M.

A certain Perkasa office bearer claimed it is a gesture to link Hadi with Najib. But, Najib already has good relation with Hadi. The link man is someone else.

It only shows PAS has in hand unlimited options.

Tonight is also about celebrating 25 years of PAS rule in Kelantan. The stadium full capacity is 40,000 but it is sufficient feel good factor to have a full house.

Especially at a time, there is talk that Kelantan is up for the grab with internal issues brewing. But the question is who in UMNO can lead and grab it?

Before answering that, not to be discounted is Ibrahim Ali running again in Pasir Mas on PAS ticket. It's Youth leader, Nik Abduh is slackening.

UMNO and PAS's struggle for ideology, survival and continuance

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Before leaving for Kota baru to witness the Fastaqim 60K gathering by PAS, there was a discussion in our WA Group about idealogy.

It arise from a friend complaining on the likes of Dato Zaid Ibrahim and Dato Saifuddin Abdullah that move up in UMNO but left when they can't get things their way.

When in positions, they pretentiously agree to UMNO "idealism" and even abuse their positions. Eventually, they began to lose their common sense and this led him to believe UMNO idealism is dead.

However, we believe UMNO has an objective to it's existence as spelled out in Article 3 of their Constitution but does not uphold to any form of ideology. The so-called Malay nationalism has no guiding political or economic theory as guiding ideology but rely on pragmatism to bow to the wind.

Pragmatism was in-sync with the thinking of a lawyer friend. He felt that ideology does not matter, more important is implementation. In other words, the deliverable.

That discussion was timely as it puts the PAS event in Kota Baru in a different context.

PAS

There are political analysts that viewed the Fastaqim as a political show of force. By being able to gather 60,000 or as spinned by MC for the night, YB Nasruddin Hasan, 100,000, PAS is saying it is unaffected by the departure of their own Zaids and Saifuddins.

There are those that see the event as PAS begin to pound the drum of a general election to gather and motivate it's troops to ready for war. Only this time, the enemy seemed to be the dissidents that acted like "monyet yang tidak sabar tidak setia kepada perjuangan."

Other than critics on government on 1MDB by new party Ikatan President, Tan Sri Kadir Sheikh Fadzir and more subtle delivery by PAS Deputy President, Tuan Ibrahim Tuan Man, most of the speakers talked of remaining consistent, continuity and maintaining upright to PAS's Islamic ideology, at least their version as some would claim.

It highlights the importance of the Islamic ideology and spirit that PAS uphold to in re-grouping and re-energising the party.    

PAS grassroot had built affection for the pragmatic leadership and the ability of the Anwarinas to deliver political results. The departure of state level and grassroot leaders to join leaders that formed PAN was indicative that pragmatism had taken precedent over ideology.

Nothing more significant than some PAS members leaving to join DAP.

Whether PAS like it or not, politics is about pragmatism. PAN has plans to run in 45 seats in Kelantan. Dato Husam Musa is acting as the new opposition to expose inner secret of PAS. He could eventually leave PAS and join PAN.

Lim Kit Siang has patronisingly told PAS not to dream of running in as many seats they wish including non Malay areas as Hadi said. He told PAS to stick within Kedah, Kelantan and Terengganu and leave the rest to Pakatan Harapan. 

Who will eventually be monkey and the peanut feeder? 

UMNO

Within the UMNO circle, the discussion on ideology is indicative in our Whass App group as reproduced (edited) below:

The proposer:

It seems "ideology" in Umno is dead.

In the very first place both Zaid and Saifuddin when they joined Umno, it was never about UMNO ideology or Malay political struggle for Malay cause.

Their politics have been constantly broken. They have become the professionalized politicians and out of touch by dismissing and to dissent Umno idealism. 

While they were in Umno their presented statements on political brannigan were pretentious and producing increasingly mangled political impressions so-called high-minded or rather fended for themselves.

What is clear, they are putting ideology before common sense". While the majority of Umno politicians drown with their acumen being careered politicians.

To them ideology is a dinosaur. Therefore, it is no longer relevant to current political complexity. But they forget that ideology in Umno is not dead. It is just being passive override by new supply of political culture or neoliberalism.

Malay in Umno must uphold the idealism and to stay relevant as a political party and as a Malay community of Islam as a whole.

Our view:

UMNO never had an ideology. It has always been pragmatic i.e. go with the flow. They only have an objective to strive for the Malay, Islam, and country but it is in the general sense.

The lawyer:

I think UMNO has an ideology but as with most things in Malysia, the implementation got screwed up over the years.

It needs to change i.e. to attract the better Malays to become its members. Better Malays can also mean the Malays with more gray matter, commitment, integrity n values. Getting more UMNO members is the right or better approach but many members are incapable of contributing towards the Malay and Malaysian cause thus it does not serve a purpose.

Our view:

If we had an ideology on Malay and Islam position, we would not succumb to liberal ideologies attempted by Saifuddin, Zaid Ibrahim and many names sensitive to many.

If we had an ideology, we could uphold to our struggle without compromise and able to arguably defend it. Because we have no ideologue to guide, we were not able to come up with another solution to NEP.

It is not so much about implementation. No implementation could be as perfect as planned despite zero-rising leakages and mismanagement or administrative errors.

In short, we never had an ideology. This had been discussed long ago and the intellectual forums attended as far back as 80s concluded so.

The Lawyer: 

Having an ideology and implementing it are two distinct and seperate things. Which manusia is infallable? Manusia in this day and age.

The Proposer:

If Umno never had and ideology, we should have one. Underlining ideology is a system of ideas and ideals in Umno, the one which forms the basis of Malay economics or Malay political theory and policy.

I am thinking of mental revolution based on the ideology which Umno left astray and revises it for Malay CAUSE this upcoming two and the half years.

Umno has multiple ideologies by virtue of Article 3 of its constitution, then struggles and history.

Article 3 in the Umno Constitution states the party's responsibilities and objectives as a political party which upholds the Malays' national ambition to defend religion, race and country.

Along the way because of racial dynamic in politics and economics, "UMNO's ideologies" turns ideologically berserk and untraceable. But it does not mean Umno never had an ideology, I think.

Our view:

So we come down to defining ideologies and the difference with party struggle i.e. objective.

These two is higher in hierarchy of planning to implementation. Obviouslt it is different and is laid out downward as guided by ideology and/or objective.

Oxford dictionary define ideology it as below:
NOUN
1 (plural ideologies) A system of ideas and ideals, especially one which forms the basis of economic or political theory and policy: eg the ideology of republicanism

SYNONYMS
1.1 The set of beliefs characteristic of a social group or individual: eg. a critique of bourgeois ideology

MASS NOUN
2 (archaic) The science of ideas; the study of their origin and nature.

2.1 (archaic) Visionary speculation, especially of an unrealistic or idealistic nature.
So we are more on the first definition 1. The proposer could be 1.1. Our lawyer friend emphasis on implementation has to do with 2.1

Not to be left out:

Now is the time Umno needs a transformative leader to uplift the Malays. We are at our lowest ebb and we are scrapping the bottom of the barrel... for the Rennaissance men!!

Also relevent:

Why go far?

See how DAP develop the it's party. They can even wipe out MCA. The core struggle is survival of the Chinese community and they exploite racial issues and maintain high Chinese spirit in the struggle to take over the power of the Malays.

The proposer:

Besides definition of "ideology" from various faculty of thoughts, what I am trying to drive at, close to home, political ideology of Umno is attestant to Malay survival and continuance.

Send out the clown

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Aspan Alias blog posting was given coverage by FMT here in September and his quote "Send out the clown" was used as title. An apt title for this posting too on MPs behaviour in Parliament and the circus surrounding their attempt to do a vote of no confidence.

The questions our friend posed sounded strange. He loves to clown around but his views, though usually lacking in details and heavily rhetorical, are serious concern. However, it is laughable that this Tengku Razaleigh fanatic, but disguised as DAP member, showed concern for Dato Najib and BN.

As far as sending out the clown, there are lots of them, especially his DAP and PKR friends in Parliament.

It has been quite a while since we went to Parliament or followed the Parliament closely on the tally. At one time, we would stay tune on PAS blogs carrying the proceeding live whenever online at home. It is usually a bore cause the really good debate or exchanges are far in between.

Our MPs including the BN MPs does not have the ability to debate well.

Most of their arguments are shallow in content, tend to be simplistic observation and raising insignificant points. Some tend to speak as though they are at a political rally. PAS MPs talked as  preachers as though there are no other races and followers of other religions listening.

There is this tendency to seize issues that could be politicised than of public concern. Debaters use the platform to pick on the other side than being serious in their delivery.

It's far cry from the depth and precision, holistic thinking and wits of MPs in Parliaments of western countries or Senators and Congressman in the US. Our MPs tend to be emotional and seriously lack the decorum in actions and words.

Somehow or rather, much of the time our MPs bicker at length and on top of their voices over formality, procedures and "peraturan mesyuarat". One would have thought that they would have been conversant on the procedures after all these years.

But no ...

Our interest to follow Parliament proceeding this time around is only due to the hype for the vote of no confidence against Najib. After staying home and following the proceedings on Hypp TV channel 413 since Monday, the situation is still the same.

Except for a handful of MPs, notably MP for Kelana Jaya yesterday during the debate on the current haze, most MPs hardly showed any finesse. With the live coverage, do they not realise the country is watching their antics.

Before Parliament started on Monday 19th, it was revealed that a private motion was introduced by PKR's MP for PJ Selatan, Hee Loy Sian had put a vote of no confidence motion. It came as the 25th motion.


Since this Parliamentary seating being a Budget 2016, other governmental matters will take precedence. As Dato Azalina Said explained:
2. Saya ingin menjelaskan bahawa usul yang dikemukakan oleh YB PJS disenaraikan sebagai urusan No. 25 daripada 28 urusan yang secara keseluruhannya dalam Aturan Urusan Mesyuarat Dewan Rakyat, pada hari Isnin, 19 Oktober 2015 yang merangkumi Rang Undang-Undang dan Usul-Usul dari Kerajaan serta Usul-Usul Persendirian daripada Ahli-Ahli Parlimen Barisan Nasional dan Pembangkang. No 1 dan 2 adalah Usul Kerajaan, No 3 hingga 6 adalah Rang Undang-Undang Kerajaan (bacaan kali yang kedua), No 7 hingga 28 adalah Usul Persendirian seperti yang disenaraikan dalam Aturan Urusan Mesyuarat. Di samping itu, 5 Rang Undang-Undang Kerajaan akan dibuat bacaan pertama pada hari tersebut.
3. Justeru itu, pertimbangan mana-mana usul adalah tertakluk kepada Peraturan Mesyuarat 15 (1) yang menyatakan bahawa pada tiap-tiap hari persidangan mesyuarat, urusan Kerajaan hendaklah didahulukan daripada urusan-urusan lain.
Standing Order 15(1) reads as:


There have been many ensuing event since Monday that was laughable. The intend to dramatise the Parliament was obvious but instead of good acting, they were looking like clowns and novice.

One WA message forwarded to us was a hilarious one:
Malaysia probably has one of the most incompetent bunch of opposition politicians in the world.
 
Firstly, PKR MP Hee Loy Sian submits a "vote of no confidence" ahead of time to the Speaker and it gets accepted but queued at the back.

But then the Dear Tokong complains that and scolds Hee Loy Sian and PKR  while accusing PKR of "main guli" since Tokong says such an important motion should be submitted by the Opposition leader, Wan Azizah and not just by anybody.

This then starts a war of words between PKR VP Tian Chua, Tokong and DAP.

After some arguments, finally, YB Hee relents and withdraws his "no confidence motion" with PKR president Wan Azizah saying she will resubmit the motion herself.

However the problem is that under parliament rules, any motion has to be submitted 14 days prior to the current sitting and will likely be rejected!!

But to give chance to them, Parliament Speaker Pandikar then ask Wan Azizah to submit the list of MPs who will support this motion to prove they have enough members so that the Speaker can use his discretion to accept the motion if it is urgent and has enough support.
And even this, the lame Pakatan Harapan could not even come out with this list to give to Pandikar.
To make it worse, PAS vice-president, Mohd Amar Nik Abdullah just came out to say that PAS was not consulted or informed about this no-confidence plan and hence this vote will unlikely to succeed since there is no consensus among the opposition parties.

WTF!! You depend on PAS votes in this motion and you don't even inform or consult them before-hand??
And in-between all this, Lim Kit Siang got into a heated argument with the speaker and making all sorts of allegations against him.

Cannot be in contempt without any repurcussion

Insulting and defaming the speaker is clearly against the rules but Pandikar again gives chance to Lim Kit Siang to apologize or face suspension.


However, Uncle Lim somehow disappeared from the Parliament during the time allocated to apologize and now faces a 6 months suspension - hence ensuring one less vote for their motion of no-confidence and further reducing their chance for success.

And Pakatan people have had their big BERSIH rally to prepare for this no-confidence motion and even printed 20,000 post-cards for it - only for them to screw it up themselves.

No wonder that even BERSIH came out to slam Pakatan Harapan and essentially saying they are incompetent and "main guli".

Ridiculously funny people. No wonder in 2013, the late Lee Kuan Yew condemned these Pakatan people as bound to fail. LOL!
This is the interesting part.

One reason a private motion to call for a vote of no confidence is seldom entertained is also because once entertained it will be an every session affair. Every Tom, Dick and Harry still playing the guli will want to attract attention to call for a vote of no confidence.

So it has to be serious and if they have 112 votes, what is there to worry asked one blogger turned FBer, RBF?

There are only 88 opposition MPs including PAS and Tan Sri Khalid Ibrahim but how come there are 89 names submitted to the Speakers. Ah huh ...interesting.

The result on the motion to suspend Gelang Patah was 107 in favour, 77 opposed, and 1 abstained. There were only 97 BN MPs present but the aye had 107.

That could only be the 10 PAS votes. Kit Siang and DAP looked at PAS as a foe so that is to be expected. Will that be the outcome of  vote of no confidence against Najib in the form of rejecting the Budget tomorrow?

All Ministers and deputies are requested to attend for the budget debate from 26th-29th October and debate on policy on November 4th. How many from BN expected to betray Najib? 4 or 14? Still not enough to reach 112.

BN votes could only reach 88 at best, but without PAS and Tan Sri Khalid Samad, opposition only have 74 votes. Who would be the 89 minus 74 = 12 votes be?

And yes, minus 1 for Kit Siang.

If the vote of no confidence in any form end up unsuccessful, as Kit Siang said at the end of his defense before the vote, it was clearly a drama to make him a matyr and join the list of names he described as victims. [See the list on the You Tube in his blog here].

It is a drama indeed:


The expected plan is to reject the budget and if it fails, next will be to ridicule Najib at the UMNO General Assembly in December. That is no way to win a general election for UMNO and BN but maybe in the name of saving UMNO as claimed by Tun Dr Mahathir, it will not be a surprise to see him go all the way.

More so it is a matter of face since he admitted as saying he has no proof:


Maybe he was kidding but when will Najib answer in full, when will Tun M show the evidences, and when will all these time wasting self destructing political drama stop?

In the meanwhile...

PDRM was given the permission by Thai police to interview Xavier Justo in prison. Is there more to come in that Department?


Najib is planned to explain everything on the RM2.6 billion, 1MDB and other related matters in an organised event. Will it be in Parliament tomorrow evening when he deliver the budget speech?

Najib to speak on 1MDB at parliament today

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Sorry for being off-line for too long.

It is long breaks like this that will eventually lead to speculation and possibility of permanent retirement. However, no such plan yet. Neither is there any plan to give up on blogging in favour of other media platform.

Taking a breather to follow Parliament proceeding.

Also right Quadratus Lumbarum and Latissimus Dorsi giving us a hard time when using the laptop. High time to install the PC bought last year but not used yet. 

Supposedly, there was to be a vote of no confidence on Dato Najib either directly or via rejecting of the budget. The manner Lim Kit Siang got himself suspended and PKR could not put the motion properly only indicate it will not happen.

Tun Dr Mahathir also have been rather quiet since the first generation IPPs which include that of YTL were given a 3-year extension.

Tun M's public presence was only kept alive by his blog updates. Is he frustrated that the vote of no confidence will not happen? Could he instead be working on bringing down Najib at the UMNO General Assembly in early December?

Thus, that could be the reason behind the rumour of a plan to disciplined 7 highly critical esteemed members of UMNO. Tengku Dato Adnan statement confirmed of possible disciplinary action.

Since it was started by some pro-Tun bloggers as pre-emptive strategy, it will not likely to happen. This is despite talk that there are 140 UMNO Division Chiefs supporting the move.

It is just not Najib to do such a thing. As some of his loyalist claim, he is too nice a guy. It is the people around him that have been doing the mean stuff on government officers, grassroot UMNO leaders and members, and such.

Quite sure he would have planned something too.

And there is also the 3K or the 3 defenders of Najib from Kota Belud - Dato Rahman Dahlan, Dato Salleh Said Keruak and Speaker Tan Sri Pandikar Amin Mulia.

BN Director of Communication, Rahman Dahlan can be smart at times with his words. But at times, his attempt to be extraordinary can end up being too smart as his quote yesterday on leaving work at 4 AM to avoid toll.

Salleh got noticed as a staunch defender of Najib and that placed him at the right place and at the right time for a Federal ministership. Though his arguments are simple, politically logical, and communicable, he is bordering on overdoing that it can end up backfiring.

It is Pandikar that have been stealing the show at Parliament. Yesterday he gave the lifeline needed for Tony Pua to get out of the debate with Arul. In an emotional manner, Pandikar threatened to quit should the debate continue.

He claimed it is against the Standing Order thus improper of Tony Pua and Arul to be debating when both are involved in the PAC investigation as member of PAC and witness, respectively.

But then, where have Pandikar been in the last one to two years when Tony Pua have been acting as, in the words of Arul Kanda, "judge, jury and executioner" on the 1MDB issue.

Surely, there will be a lengthy debate on Standing Order. It is customary of Parliament to be heated whenever Speaker makes a decision or interpretation on Standing Orders.

From the last two weeks of observing Parliament, MPs still tend to get heated in debating over Standing Order than the actual content of budget. 

Najib's budget planned for 2016 was excellent. That is the opinion of one of the 7 critically vocal leaders as in Tengku Razaleigh. Thus other than politically motivated sabotage on government, what will be the basis for opposition and if there is any, detractors  of Najib to reject the budget?

It is ridiculous that Malaysians stressed so much on the budget as though it is the main determinant on the direction of the economy. Off course, government spending is important component of the economy but there is still the private sector and individual spending.

The budget is only a legal requirement for the total spending by government to need prior approval of Parliament. The amount to be spend, senario, projection, planned allocations, etc need to be presented. That is all to it.

It is hardly about new policies setting because most of government policies mentioned in the budget have been presented in other Parliament session or public statements.

In more developed economies, market does not give much attention on their government budgetary plans. So why do Malaysians put budget as the main economic event of the year?
 
To most Malaysians, their concern on budget is not about how government will allocate money for the year to face the challenges or exploit opportunities available in the drive for nation building. They are most concern of what they can get directly out of it.

Ironically, most of the gains for rakyat in the budget come in the form of tax incentives but the majority do not appreciate it. Not when less than 2 million Malaysians pay tax.

The business community are looking at what development plan of the government to go in. A case of herd mentality.

As a result, the questions or debates on Budget in Parliament are quite petty, not deep or significant enough. There are no serious debate on the macroeconomic strategies but mostly on the weakness in implementation or nit picking fault finding claims of inconsistencies.

Since media place so much attention on budget, it has become a political circus for MPs to get themselves the attention on TV. So the budget questions and debates is filled with endless insinuation and allegations on vogue issues of the day - 1MDB and the RM2.6 billion. 

So today, PM will speak on 1MDB in the winding-up debate on budget in his session on policy. It is expected to be merely on the surface since the focus will be on budget.

What is heard thus far Najib has got his act in place and had been cool throughout the ordeal. Heard he is also very confident.

That is contrary to what peoples' impression of Najib. They say he is looking tired, stressed and frail. Sometimes words like that is useful to give the perception he crumbling under pressure. Since the public has presumed him as guilty despite no sufficient proofs to take him to court, rumours like that serve the political purpose.

Whatever he say, it will be cynically refuted by Tun M and scrutinised by the pro-Tun supporters and opposition. Is Najib ready to reveal his card today?

* Edited 11/5 7:00 AM

Game's over the moment Tony blinked

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When doing MBA, there was a classic quote involving the one-on-one competition between Coca Cola and Pepsi Cola. Coca Cola made a bad move in 1985 to change it's formula and introduce New Coke. Pepsi CEO sent out a letter to all it's staff which had a great opening line.

"After 87 years of going at it eyeball to eyeball, the other guy just blinked."

In 1962, the American navy shadowed the Russian merchant ships carry missiles to Cuba in the Cuban Missile crisis. The Russian ship stopped midway and returned. In relief, then Secretary of State Dean Rusk whispered a great line to National Security Adviser McGeorge Bundy.

“We’re eyeball to eyeball, and I think the other fellow just blinked.”

Tony Pua and Arul Kanda have been going eyeball to eyeball to exchange many words and Tony Pua just blinked. So it is a futile effort of Wenger J Khairy to try cook up a spin [read here] that government flip flop to step in the moment Tony posed 10 questions. 

Anney ... Government and parliament including the Speaker are two separate entities. It is called separation of power - Legislative, Judiciary and Executive.

The 10 questions is nothing more than a sideshow to score political points.

Game's over


It is too late for face saving. The game's over the moment Tony Pua wanted a talkshow with him only doing the questioning.

He must froze when he reminded himself that Arul has documents backing him and could expose his bluff. He didn't expect Arul to accept without conditions.

Tony Pua is likely worried of the prospect that Arul could ask him on National TV of his link to Xavier Justo and Clare Rewcastle Brown. Xavier already filed for a lawsuit against him and the lot in Singapore!

The debate episode is now over.

Speaker decided that Tony Pua and Arul cannot debate. RTM pull back the offer for Friday telecast. Arul said he will abide with Speaker ruling.

The rest can continue to debate over whether a debate serve any purpose or Speaker ruling on Standing Order is right.

Maybe try salvage lost pride to create a buzz to replace Tony Pua with other MPs. It does not do it since the other vocal opposition MP on 1MDB, Rafizi Ramli not interested. He kid about two botaks on TV. They could try pit Jebat Must Die against Arul Kanda.  

Nice try on Wenger for his attempt to make his readers forget that Tony Pua's insisted that only he can ask questions.

Before Arul's acceptance PC on Saturday, he was still politicising Arul's request that he withdraw himself from PAC. He said it is Dato Najib that should resign instead of him. PAC is more important than debate. It is a condition to avoid the debate.  

Blah blah blah ... 

Wenger may not be aware but the Speaker was going through the Standing Order few days before Tony Pua posed his 10 question on Monday. Speaker, Deputy Speaker, PAC Chairman and few others had a meeting on the matter over the weekend.

Nothing to do with government flip flopping. It is a Kota Belud thing. Maybe the water there.

Tan Sri Pandikar Amin Mulia may have realised the relevant points raised by Arul Kanda, Tan Sri Shahrir Samad, Dato Nazri Aziz and others.

As part of the investigating team of PAC, it is unethical and improper of any "Investigating Officer" or Judge to speak and let alone debate in public on any case they are involved. Furthermore, his fellow DAP MP and Deputy Chairman of PAC, Dr Tan Seng Giaw openly questioned Tony Pua's habit of making public allegations without the backing of any proofs.   

The 10 Question

Now that the debate is over and done with, how do one make out of the 10 questions posed by Tony Pua? The questions can be found in The Star here.

The first question is asking why Bank Negara made the decision to withdraw the approval. Hey Bugs Bunny! Go ask Bank Negara la ... not 1MDB. The subsequent questions in the first question are just accusations ala Tun Dr Mahathir, A Kadir Jasin and Jebat Must Die but disguised as question.

The second question(s) should be asked to Petrosaudi. So does the third one.

The fourth question has been asked before and responded publicly by 1MDB. Should have asked IPIC. So does question five but it has a sinister intention to say that money was not paid but funneled elsewhere. Still not the RM42 billion disappeared as alleged by Tun M or the USD700 million lump sum donation into Najib's personal account. 

Question six can be simply answered. Money borrowed should not be left idle. It is a perception game but why borrow when project not taking off yet. This was a question this blogger asked Dato Shahrol. Bad decision is not a crime folks but stealing is. However must prove first.

Question seven is very Jebat Must Die. It is an error but they had voluntarily corrected it in Parliament. What is the fuzz?

Question eight is just need an explanation on the "debt for asset" swap with IPIC. It can be found every where. Tony Pua can google but why ask? Perception game and political brownie points too?

Question nine is on debt structure. Apek ... satu hutang pada itu shares. Satu lagi hutang untuk biznes mahu kasi jalan ma ...

Question ten should ask the adviser with vested interest on Tadmax, Tan Sri Samad Alias ... He saved PKFZ!

Tony Pua's 10 questions makes us amaze as to why he would ask such a highly technical question. It would take 1MDB management hours to explain some with an MBA in Finance. So it will take more for the public. Expect voices complain of being confused. A debate is supposed to make people understand.

Perhaps Tony Pua is telling the public that 1MDB is too complicated for the common Ahmad, Bernard, Chong and Devamany to understand. The very reason Jebat Must Die should replace Tony Pua to debate Arul.

And perhaps he is trying to create a new set of public discussion on 1MDB. At least clear up on the RM42 billion lesap first. Admit that it was wrong.

All the barking but nothing on missing billions

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The Arul Kanda-Tony Pua debate is over but DAP is in desperation to save the face of their wunderboy. In the manner of a barking Dog and a bulldozing Pig, DAP cybertroopers are trying to reverse the chickening out accusation to Arul. 

Arul was announced yesterday to appear at PAC on December 1st. Instruction of Parliament Speaker Tan Sri Pandikar Amin Mulia is clear that he cannot involve himself in any public LIVE debate. He has to abide [read here].

So the offer of Rafizi as replacement for Tony Pua is just childish dog bark. It is typical of neighbourhood dog barking at anyone unfamiliar. The moment the person come after the dog, it ran away. As soon as the person ignore the dog, it comes back barking.    

They simplistically barked that Arul Kanda's reluctance to answer the 10 Questions posed by Tony Pua till after PAC as an act of guilt and trying to hide something.

The questions were briefly touched in yesterday's posting here. Azmi Arshad (AA) put together an impressive properly referenced responses to the 10 Questions [read in FB here]. Similar to the neighbourhood dog, most of Tony's questions have been ask and responded and nothing firm on any allegation of stealing. 

Tony's motive


Commentor Grand Marquis in AA's Facebook has an opinion on Tony. He felt "Tony knows in advance that he will not (or will chicken out) debate Arul. To cover his back, he put the 10 questions on his blog to show that he indeed has the substance.

"Off course with all these technicalities, many poops and zombies will drop on their knee in tears amaze by how great their master is, thus win more poops and zombies. People who do not follow the 1MDB subject will have doubt as they see a lot of money flowing here and their in to what deemed as unknown company or sources. The fact if we care to think is that if he indeed has the intention to debate Arul, would he reveal his questions or strategy?"

AA and his followers have been refering to the pro-Tun as zombies. Strangely, the pro-Tun are impressed and their Facebookers are with DAP on this. New political party PAN can campaign them to join should the alleged plan to form a new political party is not true.

The exchanges between Arul and Tony have been going on for a while. It could have been Tony's role to discredit Arul with his incessant bark. Arul has also been giving reponses. AA has done an impressive effort to compile Arul's responses:
21/10: http://www.1mdb.com.my/.../1mdb-will-answer-tony-pua-at...
18/10: http://www.1mdb.com.my/.../recycled-wrong-statements-by...
14/10: http://www.1mdb.com.my/press.../walk-the-talk-yb-tony-pua
13/10: http://www.1mdb.com.my/press.../take-action-tidak-apa-tony
20/9:   http://www.1mdb.com.my/press-release/yb-tony-pua-don’t-be-a-hypocrite
19/9:   http://www.1mdb.com.my/.../fix-your-own-scandal-first-yb...
10/9:   http://www.1mdb.com.my/press-release/“practise-what-you-preach”
18/8:   http://www.1mdb.com.my/press-release/tony-pua’s-recycled-allegations
14/7:   http://www.1mdb.com.my/press.../1mdb-response-to-yb-tony-pua
So Rafizi is irrelevant in the scheme of things because it boils down to Tony starting this challenge in August:


He then repeated the same challenge after a TV appearance by Arul recently.

Arul accept on condition in sync with the thinking of Parliament Speaker that Tony should resign from PAC to avoid a conflict of interest. Tony went on a political rant and Arul responded with "no condition, let's debate".

Tony froze but accepted with the condition only he can ask question. What kind of debate is that?

So game's over, folks. No need for Rafizi to replace. Or even the suggestion for Tun Dr Mahathir or Dato Abdul Kadir Jasin or Jebat Must Die.

10 Questions

Grand Marquis had his view. AA also has his view on the ploy behind the 10 Questions:
ANSWERING TONY PUA'S 10 QUESTIONS

You know, already in asking these questions, Tony has lied. He said he has these “10 questions” but I think I counted 17 questions. He just can’t stop lying can he.

http://www.malaysiakini.com/news/318193

One of the reasons Tony wants to be the only one asking questions and not be questioned is so that he can ask loaded questions and question based on false presumptions.

Then we cannot ask him to rephrase his questions correctly or ask him questions to clarify what he means. So if we cannot answer a stupid or meaningless question — like what is the price of bananas in Africa — then the pengecut will take it as a chickenmate... I mean checkmate.

Do poops and zombies bother looking for answers in their pretentious pursuit of the truth?

Of course not. They just parrot Tony’s questions without understanding what or why Tony is asking. Tony Pua is now their new hero after Khairuddin (who tried to sneak out the back door) and Matthias (who again didn't die from his hunger strike) couldn't escape the law.

Never mind, let’s try to humour Tony, poops and zombies by answering and not answering his questions:

QUESTION 1.Why did Bank Negara withdraw its approval for 1MDB to transfer more than US$1.8 billion overseas? Was it because most of the funds were transferred to an account which is unrelated to the 1MDB joint venture project with Petrosaudi International Limited, as revealed in the leaked Board meeting minutes which Arul Kanda has acknowledged to be true? How much was transferred to this unrelated account? Did this unrelated account belong to Good Star Limited and who owns or controls Good Star Limited?

--- (a) I don’t know if Tony is pretending to not have read BNM’s statement, which said — retrospectively — that BNM had given approval on the basis that information provided was “accurate and complete”. 1MDB and AGC also issued press statements in response so if Tony wants details he should ask BNM. I’ve given my own view of BNM’s silly withdrawal of the permissions.

On BNM’s first statement:
https://www.facebook.com/azmi929/posts/868489223271882

On BNM’s statement responding to AGC’s statement:
https://www.facebook.com/azmi929/posts/870935823027222

More opinions on BNM here:
http://www.rockybru.com.my/…/ag-what-bank-negara-should-hav…
http://justread-whatever.blogspot.my/…/nothing-peculiar.html
http://anotherbrickinwall.blogspot.my/…/zeti-continuously-s…
http://anotherbrickinwall.blogspot.my/…/azmi-arshad-cant-pr…
http://www.rockybru.com.my/…/is-zeti-just-doing-her-job-or-…

BNM’s statement has been rebutted to death so it’s now up to BNM and Tony Pua (and poops & zombies) to prove 1MDB did not comply with BNM's requests. Better still, explain why BNM didn't say anything about money laundering or billions missing. Come on poops & zombies, humour me.

(b) How much transferred: Since Tony mentioned Good Star then he could be implying the US$700 million transferred to Good Star Limited’s account which he stupidly assumes to be unrelated to Petrosaudi. He hasn't done his homework. (See below).

Other than that, it has already been explained that BNM had been consulted but of course Tony is fond of asking questions that have been answered. Nobody really cares if Tony is not happy with past answers as long as billions are not missing. But Tony needs to keep asking to show he's not chicken.

(Actually it's too late for that. Damage has been done).

(c) Who owns Good Star Limited: Tony has not seen or pretends to not have seen the leaked Petrosaudi letter that confirmed that Petrosaudi owns Good Star Limited. This proves Tony is either ignorant or a liar in claiming that Good Star is not related to Petrosaudi. I don't understand why Tony prefers to keep barking and asking when instead he could have done a company search to prove otherwise.

QUESTION 2. Is it true that 1MDB had invested the initial US$1 billion cash to acquire 40 percent of 1MDB-PetroSaudi International while PetroSaudi only needed to invest its rights to certain oil reserves in the Caspian Sea and in Argentina for its 60 percent stake? In addition, were the rights to the Caspian Sea oil reserves terminated by PetroSaudi within two months after the signing of the joint venture agreement, which meant that Petrosaudi secured their 60 percent stake without investing anything significant?

--- Whatever the underlying value of Petrosaudi’s equity — which has already been explained -- the fact remains that 1MDB got back their money plus profit of USD488 million after exiting the joint venture. So what point is Tony trying to prove?

I personally am no longer interested in which oil reserves they initially intended to invest in. What matters is that 1MDB made money that proves allegations that billions were lost were false allegations. Again, Tony has not bothered to read or understand past explanations to recycled questions.

"In effect; 1MDB’s contribution was in cash, whereas PetroSaudi’s contribution was in independently valued assets worth USD2.7 billion."

About Petrosaudi’s equity:
http://www.1mdb.com.my/…/facts-in-relation-to-blog-posting-…-“more-investments-by-1mdb”-by-tun-dr
http://www.1mdb.com.my/…/1MDB%20MEDIA%20STATEMENT%2018%20Oc…
http://anotherbrickinwall.blogspot.my/…/ramadhan-is-always-…

About the ‘fund units’:
http://www.rockybru.com.my/…/tony-told-to-stop-his-oooh-ooo…
http://www.1mdb.com.my/…/1mdbs-reply-to-sarawak-report-alle…

QUESTION 3.Is it true that 1MDB had proceeded to sign the joint venture agreement with PetroSaudi in a rush, without securing the necessary Board of Directors approval at that point of time, as revealed in the same Board minutes?

--- This kind of question shows Tony is scraping the barrel.

Things should be done quickly rather than slowly. Tony doesn’t seem to know how things work in the corporate world. He doesn’t know that sometimes board approval is obtained after signing of documents. That’s why sometimes agreements have conditions precedent such as “subject to board approval” before they become unconditional.  

Bodoh betul Tony Pua.

[Note to AA: That could the reason his SES-listed venture Cyber Village failed! He can't even manage his own business but yet wanting to teach others.]

I touched on this -- see point no. 3 of my post.
https://www.facebook.com/azmi929/posts/873612959426175

QUESTION 4. 1MDB Financial Statements dated March 31, 2013 and 2014 stated that US$1.4 billion was held as a deposit by International Petroleum Investment Corporation (IPIC) as a condition for IPIC to guarantee 1MDB’s US$3.5 billion bond issue. Did 1MDB pay US$993 million from the US$1.22 billion it partially redeemed from the Cayman Islands investment fund and another US$975 million borrowed from a Deutsche Bank-led consortium to terminate options 1MDB granted to Aabar Investments as part of another condition by IPIC to guarantee 1MDB’s US$3.5 billion bond issue? What exactly is the total sum paid and payable to Aabar or IPIC? Why is it that IPIC disclosed in its December 2014 Financial Statements that 1MDB still owes IPIC a sum of US$481 million for the said termination? In addition, if the US$993 million from the US$1.22 billion redeemed from Cayman Islands was not paid to Aabar or IPIC, where did the money go?

--- Can any poop or zombie please explain to me the purpose of these multiple questions? What answers would you like to hear or would not like to hear? What would lack of details prove or disprove? Otherwise these questions sound more like a fishing expedition.

Knowing the purpose of these question would be helpful. Otherwise, honestly, I couldn’t be bothered searching for and providing long answers and details.

Where’s the part that would imply billions are missing? He’s not still trying to link any payment by 1MDB to the RM2.6 billion going into Najib’s account is he?

He should just spit it out -- unless of course he's thinking about Najib's lawsuit hanging over his head, which he is cowardly trying to strike out.

https://www.facebook.com/azmi929/posts/793861004068038?pnref=story

Anyway, Lim Sian See did talk about the “missing” USD1.4 billion:
http://limsiansee.blogspot.my/…/usd14-billion-of-uae-govt-m…

QUESTION 5. It has been disclosed in 1MDB’s financial statements, parliamentary replies and media releases that 1MDB Global Investment Limited borrowed US$3 billion in March 2013 for the purposes in investing in a 50:50 joint-venture with Aabar Investments Limited, where the joint-venture will invest in the development of Tun Razak Exchange. The question is, how come more than US$1.5 billion of the borrowings have been utilised for purposes other than specified as disclosed in the March 2014 Audited Accounts, particularly since the joint-venture has yet to be activated to date?

--- The question should be: Did the lenders agree to any change of purpose, if so deemed. Obviously the lenders would have been aware as they did not call on any default and that’s what matters.

This sounds more like a compliance question rather than having anything to do with any fraud allegation.

My previous employer had raised bonds for a particular purpose and later the purpose was changed with both shareholders’ and bondholders’ consent — there was nothing sinister about the change of purpose. A specific business opportunity is not available forever and may be substituted with another investment opportunity in the better interest of the company.

Tony is deviating from fraud allegations. Isn't he interested in the billions "missing"?

QUESTION 6.Arul Kanda had earlier informed Malaysians and 1MDB Directors, according to the above leaked minutes, that the balance of the Cayman Islands investment amounting to US$1.108 billion was fully redeemed and was held in cash in BSI Bank Singapore. However, the 1MDB president has since admitted that the redeemed amount was not cash but they were “fund units” worth US$940 million. Why are these “fund units”, which were redeemed from the Cayman Island fund, still in the form of “fund units” and not in cash or, raw assets like property and shares? If they were in “fund units”, doesn’t it mean that the Caymans fund was never redeemed in the first place?

---> I think Tony has not properly understood what was redeemed. It was the Murabah notes that were redeemed. These notes were like redeemable convertible preference shares (RCPS). Anyone who knows corporate finance will understand what is meant when loans or preference shares are redeemed.

"The notes, which were paid back in full - with interest, were subsequently invested in a fund under the regulatory supervision of the Cayman Monetary Authority."

http://www.1mdb.com.my/…/final-redemption-of-funds-from-cay…

This is why poops and zombies should not terkejut beruk along with Opposition leaders when already back in December last year it had been stated that money was "invested in a FUND” so the denomination would obviously be in UNITS as is normal for any investment fund.

Even my Islamic savings account is stated in units. Bodoh. 

But hang on, how come Tony is now not saying the fund units were worthless and is merely wondering why the money was invested in fund units and not cash, properties or shares? This is getting boring... nothing about fraud?

QUESTION 7.Arul Kanda announced the “debt for asset-swap” deal with IPIC, where the latter assumes some RM16 billion of 1MDB’s debts in exchange for 1MDB’s assets. IPIC has already advanced more than US$1 billion in the deal. Where is 1MDB going to produce these RM16 billion worth of assets to transfer to IPIC by June 30, 2016?

---> Only 1MDB can answer this but based on the balance sheet there are RM13.4 billion of “available-for-sale-investments” as at 31/3/2014.

Later 1MDB also issued a press statement to explain where RM42 billion had gone to and this included investments totalling RM15.4 billion as at 31/3/2014. The FY2016 accounts are not out yet but it looks plausible that 1MDB will come up with the assets, especially because of the higher USD:RM exchange rate compared to March 2014.

http://www.1mdb.com.my/press…/rm42-billion-all-accounted-for

QUESTION 8. The Ministry of Finance (MoF) has also indemnified IPIC in the “debt of asset-swap” arrangement. Does it mean that if 1MDB fails to produce the necessary RM16 billion worth of assets by June 30, 2016, the MoF would have to compensate IPIC accordingly?

--- I dunno. But see my answer to question number 7. But errr ... what about the fraud allegations, Tony? Poops? Zombies?

QUESTION 9.Arul has declared that the disposal of the 1MDB subsidiary, Edra Global Energy Bhd, will allow it to remove RM16 billion to RM18 billion of 1MDB’s debt. However, the total debts associated with 1MDB’s energy arm amounts to approximately RM36 billion, comprising of US$3.5 billion of bonds, RM5.7 billion of direct loans and more than RM8 billion of inherited loans. Hence reducing up to RM18 billion of debt via the disposal of Edra Energy will still leave 1MDB with more than RM18 billion of outstanding debt associated with its energy acquisitions. Therefore, how will the sale of Edra Global Energy solve 1MDB’s cash flow problem, since there’ll be no assets left to pay the balance of the RM18 billion debt?

--- Ahhhh…. Tony is no longer talking about any missing billions but how debt will be managed.

I’m too lazy to answer this. Arul did say any remaining debt will be at a manageable level.

I’ve said before I’m not interested in financial management issues. I’m more interested in the fraud allegations. So where’s the proof or the questions that would lead to conclusions that billions are missing, Tony? Sighhh...

QUESTION 10.Did the federal government issue a “letter of support” in May 2015 to Bank EXIM to borrow US$150 million (RM600 million), with the funds was utilised by 1MDB to pay for its land acquisition from Tadmax Resources Bhd for approximately RM300 million? If so, what was the balance of the proceeds from the borrowing used for?

--- I don't know and I don't need to know but if Tony is now reduced to asking about the utilisation of RM300 million, which is merely cashflow operational details (that can be figured from the cashflow statement of the audited accounts) rather than any missing RM42 billion or RM27 billion or other billions then it's no wonder he chickened out of the debate with Arul.

If by my answers you think I misunderstood any of Tony's questions then you should be able to see why it is necessary he should not be the only one asking questions.

Poops and zombies are welcome to criticise and reject my answers but don't try the tony-pua-chicken-debate-format with me. My wall is not a talk show for you to play host. Make sure you answer questions too .

- AA -
No missing billions

Notice that AA started asking for where is the missing billions or the squandered money from question 4.

Our doubt in the whole 1MDB scandal arise out of the same question. What more when most of the persons raising the issues has vested political/business interest or questionable character or plain naive or just spinning and not sincere in pursuing truth. 

It is not about bad management, or corporate governance or transparency or bad investment decisions. There are and it was realised long before anyone knew the existence of 1MDB. Back in 2009/10, this blogger told the then CEO Dato Shahrol in his face, "If this is the way you managed 1MDB, you will put Dato Najib in trouble."Masin mulut ...

There is nothing on stealing. Facebooker Daniel Goh realised this too ...
Now that we know what Tiny Pea's 10 questions to Arul Kanda are, we can be sure of a few things....

(1) There was nothing in the questions that would suggest any fraud or criminal wrongdoing on the part of 1MDB

(2) There was nothing to suggest that RM42 billion or RM27 billion or any amount that moron and conspirator in chief Mamakutty can dream of in his wet dreams that was hilang or lesap

(3) There was no mention whatsoever of Jho Low or the role he played in supposedly siphoning off millions if not billions from 1MDB when he seemed to appear in every flowchart that SR and the Edge produced.

(4) There was no question related to 1MDB supposedly overpaying for its IPP assets and the ridiculous commissions it allegedly paid to Goldman Sachs that are way above market norms

(5) There was no question that would link the RM 2.6 billion donation to 1MDB or its subsidiaries or associates

(6) There was no question that would suggest 1MDB overvalued its RM 50 billion plus assets when Tiny Pea has been going around telling everybody they are worth not more than RM16 billion

(7) There was no question to ask 1MDB to explain why the land purchases by LTH and Affin Bank are not considered bailouts when the DAPigs have been quick to shout bailout as soon as those deals were announced.

(8) All the 10 questions were basically of a technical nature who will bore even Arul Kanda to doze off, never mind the audience, yet another pathetic piece of deceit by that goondoo Tiny Pea to impress his ever more stupid Zombie DumbAssPiglets and of course those Pooptuns. It's just recycling the same old shit that had been answered million of times over and over again

Basically, the 10 questions only prove 1 thing ie that Tiny Pea actually did not lose his telors. They just got shrunk into peas and then those peas were transplanted into his brain, so he is thinking with his pea sized testes now What a bloody waste of everybody's time that pygmy brain asshole is.

No wonder LGE claimed that the DAPigs are spoilt f or choice to select someone better than Tiny pea to debate Arul. Any stray dog that the piece of feces LGE culled recently would have been able to ask more intelligent questions

Did somebody mentioned that he graduated from Oxford University or did he just went window shopping at Oxford Street and came back with a parking ticket that he thought was a degree from Oxford University? PPE = Poor Parking Etiquettes?

To be continued......My 10 Questions for Tiny Pea related to 1MDB
Woof woof woof? Any convincing evidence without any doubt? Sorry, the dog can't bark any more.

We are not in the habit of some of our friends to quickly assume as "ini mesti ada" or "takkan tak" so and so hanky panky to happen from merely incompetence and bad management practices. More so to form opinion from conversation with this and that person, even if he is a Minister.

Mind you, incompetence and bad management is not a criminal offense.

Suspicious YES, but assume NO. Presume NOTHING till evidences are laid out. This is especially so when it involves billions and toppling a national leader. It cannot be on hearsay!

Edra Energy must not fall to foreigners!

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The wind of Edra Energy falling to foreign hands coming out of the 1MDB rationalisation have been blowing for quite a while.

At the time the rumour was shared in several of our WA groups - both the pro-Najib group and pro-Tun groups, 1MDB had announced Qatar and China Groups bidding for it. So it was brushed aside as merely speculation.

Furthermore, it was understood that 1MDB will hold about 20%, while local and foreign bidders will hold the balance shares in Edra Energy. So the concern was of foreign group/s holding the majority. Earlier, it was announced local groups expressing interest to bid for Edra are YTL, Malakoff and TNB.

A little bird flew on to our window ledge this morning to chirp that it is not for a certain percentage of equity but a take all bid.

It is understood that a paper was submitted by the Ministry of Finance official to the Minister of Finance cum the Prime Minister recommending to accept the foreign bid over the bid by TNB. MoF official would only point to the KSP, Tan Sri Dr Mohd Irwan Serigar Abdullah.

To enable approval, the KSP had also written to the Energy Commission and Minister for Energy and Green Technology to seek exemption for foreigners to own more than 49% of Edra. There is a stated policy against foreigners owning more than that.

It means civil servants in MoF are not giving national interest the highest of consideration but only looking at financial consideration.

That is not good news.

In his press conference last Saturday, Arul Kanda had given the message that the rationalisation exercise is near completion. So game over ...

1MDB will pare debt down by RM45 billion - RM16 billion by the debt for asset swap with IPIC, RM11 billion hopefully through sales of 60% equity in Bandar Malaysia and estimated RM18 billion by the sales of Edra. 

It could only mean the decision to award the Edra shares could be any moment now.

Energy - be it power generation or distribution - is strategically important to the country. It is vital for the livelihood of the people, fuel industries and an ingredient of nation building. Thus it should not be put at risk and fall to foreign hands.

The position to support 1MDB rested much on the attempt to consolidate the power generation sector to resolve the legacy logjam of subsidy given to IPP. It had to be removed to enable government reduce it's subsidy burden for petrol and diesel and stop excessive profiteering by first generation IPP tycoons. 

At the same time, government need to balance it with the need to maintain and control energy cost at a reasonable level. Energy is a major cost component and it's price has to be controlled to buffer the rising cost of living.

The need for strategic control of power generation was necessary that critic on the alleged overpriced IPP purchased by 1MDB and political fallout for tampering with Tun Dr Mahathir's legacy was ignored.

The motivation to support was purely for the peoples' interest and to end the greed of tycoons. Public and national interest must supercede the interest of few. So the 1MDB-style of nationalising the IPPs was defended vehemently.

It is in the spirit of Mahathirism although Tun Mahathir have foresaken it by attending Bersih 4.0 and working with foreign media for sake of political expediency.

Another bird, but not a little one, told us last night that the bid by Qatar-China tie-up namely Nebras-CGN was heard to be about RM3 billion higher than that of TNB. The lower ringgit ever since the submission made their bid more attractive than the bid in ringgit by TNB.

It understood that Nebras and CGN had pulled out of the bid and Nebras-CGN made a new bid which came in after the deadline. That is unfair for TNB.

Not sure whether the bid was RM18 billion as estimated by Arul Kanda. However, money should not be the prime consideration.

Most corporate bid for government contract is seldom based purely on pricing but both technical, ability to deliver, technology acquisition, and other strategic considerations. Otherwise, YTL should not have been awarded Bestari.net at RM4.007 billion since there are other bidders lower than RM3 billion.

By having Edra Energy under TNB, it will raise TNB's power generation capacity to 70%. That is an important and strategic figure to ensure secured energy supply and TNB is not at the mercy of non-TNB power generator, especially foreigners.

It is ironic that 1MDB bought over local IPPs from local independent owners to have it consolidated and sold off to foreigners.

In addition to the reasons cited, Bigdogdotcom had enlisted 15 other well researched reasons as to why Edra Energy should be awarded to TNB here.

It could mean 1MDB will end up with sales proceed by less than RM3-4 billion from the expected amount but the benefit from power security and local ownership of strategic asset far exceed the monetary gain.

As a 100% government company, 1MDB can afford to do such strategic decision of long term benefit and not put monetary consideration as the foremost consideration. Quite sure, 1MDB could be compensated by many other means.

The political fallout from 1MDB is already serious and tiring. The trust deficit from 1MDB has not subsided. The public is still cynical on any official explanations on 1MDB. Thus, it would be foolish of the administration to create another political front of dispute.

Even if it is YTL Power, it is still better that Edra Energy be given to Malaysians than foreigners. 

Conflicting jurisdiction in EDRA ownership decision

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In our last Friday posting here, the concern was on energy security and opening new political front of problem.

Prior to the posting, Utusan Malaysia made a report on Thursday that Energy Commission (EC) had given exemption for 100% foreign-ownership to 1MDB subsidiary, Edra Global Energy Sdn Bhd. Their source claim that the decision was arrived in a meeting on September 8th.

This information  runs contrary to a September 30th report by The Star that quoted EC Chairman, Dato Abdul Razak Abdul Majid saying,"We are not the agency to regulate foreign partnerships or foreign equity in power plant operators."

Whether Utusan Malaysia source had been right or wrong, the Utusan report claimed the Ministry for Energy, Green Technology and Water (KETTHA) had rejected the application for exemption. They are sticking to a stated policy until such time policy is changed.

Knowing well EC is not empowered to make such decision, why did Treasury Secretary (KSP), Tan Sri Dr Irwan Serigar Abdullah wrote the letter to EC? Does he not know the jurisdiction of EC? Or someone directed him to write to EC on the expectation that the Board of EC will oblige?

The Utusan report below:

Edra: ST benarkan pemilikan asing

JOHARDY IBRAHIM  |  05 November 2015 12:36 AM

STESEN Janakuasa Kuala Langat di Selangor adalah satu daripada aset tenaga yang dimiliki oleh 1MDB.

KUALA LUMPUR 4 Nov. - Suruhanjaya Tenaga telah memberi kebenaran khas untuk membenarkan Edra Glo­bal Energy Bhd. (Edra) dilupuskan sehingga 100 peratus ekuitinya kepada pelabur asing tetapi dibantah oleh Kementerian Tenaga, Teknologi Hijau dan Air.

Menurut sumber kepada Utusan Malaysia, Suruhanjaya Tenaga telah membuat keputusan dalam mesyuaratnya pada 8 September lalu, setelah menerima cadangan daripada Kementerian Kewangan.

Pada masa yang sama, 16 Oktober adalah tarikh akhir mengemukakan bida daripada syarikat berminat iaitu dua entiti asing iaitu syarikat gergasi utiliti dari China, CGN atau China General Nuclear Power Group; Nebras Power yang 60 peratus ekuitinya dikuasai kerajaan Qatar dan syarikat utiliti negara ini, Tenaga Nasional Berhad (TNB).

Pada 15 Oktober kata sumber, iaitu sehari sebelum tarikh akhir tersebut, CGN dan Nebras bergabung membentuk konsortium untuk membida 13 aset Edra yang dianggarkan oleh penganalisis ke­wangan Affin Hwang Capital bernilai RM16 bilion.

Langkah kedua-dua entiti tersebut adalah susulan langkah Suruhanjaya Tenaga meluluskan kebenaran untuk memberi pengecualian dasar semasa sektor utiliti negara yang selama ini, mengehadkan pegangan asing kepada 49 peratus sahaja.

Sumber memberitahu, Suruhanjaya Tenaga berpandangan bahawa kebenaran itu `hendaklah dijadikan satu keputusan dasar selaras dengan program transformasi ekonomi negara supaya ia dapat mewujudkan persekitaran pelaburan yang kondusif bagi mencapai objektif liberalisasi pa­saran elektrik negara’.

Keputusan suruhanjaya itu ba­gaimanapun, tidak mendapat sokongan pihak kementerian yang berpendapat ‘langkah membenarkan Edra melupuskan 100 peratus saham bagi aset milikannya kepada pelabur asing masih belum sesuai dilaksanakan pada masa ini’.

Menurut sumber lagi, kementerian berpendirian bahawa industri penjanaan tenaga adalah sebahagian daripada sektor strategik negara dan negara masih perlu berhati-hati dengan penglibatan pelabur asing dalam perkara ini.

Selain itu, sentimen awam ketika ini masih sensitif dengan perkembangan perkara berkaitan 1MDB yang dikhuatiri memberi persepsi negatif terhadap kerajaan.

- See more at: http://www.utusan.com.my/bisnes/ekonomi/edra-st-benarkan-pemilikan-asing-1.154713#sthash.YNZFxo6U.dpuf
Only five days earlier, EC Chairman said it is not the jurisdiction of EC to make a decision on 100% foreign ownership of IPP as it is a government policy to restrict foreign ownership in IPP.

The Star reported below:

Wednesday, 30 September 2015

Energy Commission: We don’t regulate foreign partnerships in Malaysian power plants

“We are not the agency to regulate foreign partnerships or foreign equity in power plant operators,” EC chairman Datuk Abdul Razak Abdul Majid said.

PUTRAJAYA: Foreign shareholdings in Malaysian power plants do not fall under the jurisdiction of the Energy Commission (EC), the industry regulator said amid talks that the sale of Edra Global Energy Bhd could be the first to see foreign ownership exceeding the cap of 49%.

“We are not the agency to regulate foreign partnerships or foreign equity in power plant operators,” EC chairman Datuk Abdul Razak Abdul Majid said.

“It is determined somewhere at the governmental level, but not us,” he explained to StarBiz after launching an improved mechanism to ensure cost-effective power generation, called the New Enhanced Dispatch Arrangement, here yesterday.

Sources had told StarBiz earlier that the Energy, Green Technology and Water Ministry (KeTTHA) had received proposals from several parties to waive the foreign shareholding cap of 49% in power plants in Malaysia for Edra – a unit of the controversy-laden 1Malaysia Development Bhd (1MDB).

KeTTHA had yet to respond to StarBiz’s queries on the matter as at press time.

Under prevailing regulations, foreign bidders are restricted to owning not more than 49% of power plants in Malaysia. This is a practice that had already been adopted by the EC when it put up the power plant projects for a competitive-bidding process.

Last week, a local daily reported that there were concerns about the power plants of Edra being sold to foreigners, as it would mark for the first time assets such as power-generation plants being controlled by parties who were non-Malaysians. The report further stated that more worrying was that the sale to foreigners would hamper opportunities for local vendors, including bumiputra vendors.

1MDB was supposed to have listed Edra by the first quarter of this year, but had to withdraw its application due to uncertainties in relation to a 2,000MW coal-fired plant dubbed Project 3B. The sale of 1MDB’s power assets has not only attracted foreign parties but also local players.

Besides Tenaga Nasional Bhd (TNB), the other companies that had expressed interest were YTL Power International Bhd and Malakoff Corp Bhd. But only TNB has put in an indicative bid.

Early this month, 1MDB said it had already shortlisted four parties for the final bidding stage for the sale of Edra, but did not disclose the names.

And among the foreign bidders, at least one, namely, Hong Kong-based CGN Meiya Power Holdings Co Ltd, had confirmed that it had been in talks with 1MDB in respect to the purchase of the latter’s power assets.

Edra has five domestic and eight international power plants with a total capacity of 5,500MW worth RM12bil collectively.
It is understood that the dateline for the bid was October 16th and three bidder had submitted proposal including TNB.


Read more here.

It was reported that Tenaga Nasional Bhd, Saudi Arabia’s Acwa Power International and Qatar’s Nebras Power QSC and Hong Kong-listed CGN Meiya Power Holdings Co came in as bidder. Read Bloomberg Sept 24th report in Gulf Times here.

It was only reported on November 6th that QSC and CGN were in talk of a tie-up to bid for Edra. CGN Meiya decided to withdrew and the China parent company came in instead with the Qatari. Read Gulf Times here, ChinaDaily.com here, and The Star here.

The report claimed that there was a private direct negotiation. Does it mean the bid came in after the deadline?

It was reported that “value maximisation” and “deal certainty” would be the main criterias for the decision to be made soon. In simple words, it is a matter of price. But this bid attracted curiosity as Kinibiz reported [read here] a RM2 billion disparity in the bid.

If the bid by QSC-CGN was made in the rush, there is a possibility they have not done proper due dilligence before making the bid. Without proper due dilligence, there is a risk of future closure of the plants should QSC-CGN found themselves in a loss position due to the overly high bid.  

The rush tie-up also raise the possibility of legal disputes between Qatar and China.

In his press conference last week, Arul Kanda mentioned of the need for exemption to enable 100% foreign ownership of Edra. That decision is a major decision to be left to government.

By the reports coming out, there seemed to be a conflict of jurisdiction. However, Ministry of Finance is the ultimate shareholders of 1MDB and TNB thus they should be able to make the decision.

Did someone in MOF passed the buck by instructing KSP to write-in to EC and KETTHA for exemption?

It is a convenient pastime to blame Dato Najib. However, his practise in making decisions will be not to pre-empt with his own but it will based on the various recommendations given to him. So who is the person below Najib but above KSP that passed the buck to EC to make the decision to recommend?

Major decision like this should have been brought to Cabinet.

Will this be the political battle that Tun M finally lose?

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And now, the end is near
And so I face the final curtain

Read more: Frank Sinatra - My Way Lyrics | MetroLyrics
The Council of Ruler urged the government to complete investigation.

It may have been brought about by allegations by sceptic that it was Dato Najib but a certain government official accused Datin Rosmah was part of a meeting to halt and delay investigation.

That's what they want so YES it is, said Bujai. By Year End, Statement and investigation must be completed. In the interview to The Malaysian Insider, Attorney General Tan Sri Mohamed Apandi Ali was reported saying that MACC wanted more time.

If so, where is the logic in the claim that former Attorney General, Tan Sri Gani Patail and former Deputy Prime Minister Tan Sri Muhyiddin Yassin were in cohoot to arrest Najib if the investigation is yet completed?

Sarawak Report makes no sense to claim the existence of a charge sheet (which does not formally look like one) with regard to SRC investigation since MACC is told to quicken their interview of Najib.

Will that mean a closure is due for the alleged improprietaries?

Near the end of the year, UMNO will be holding it's Annual General Assembly beginning from December 8th. The tradition will be for the UMNO Deputy President to deliver the speech to open the three UMNO Wing; Wanita, Pemuda and Puteri.

It is believed Najib will come out on the RM2.6 billion money in private account before the GA.

December 3rd is scheduled for Prime Minister Najib to answer it all in Parliament on the 1MDB issues raised several times through the Q&A and budget debate in the current Parliament session.

PAC has scheduled December 1st for Arul Kanda to appear. With Tony Pua chickening out, sentiment favours Arul.

If the debate was held, it would have been on last Friday November 6th. The attempt to childishly turn the chicken accusation by replacing Tony with Rafizi did not work. Neither did Tony's release of 10 questions hardly lead to the alleged disappearing billions.

As the year-end rolls in, many are seeing the game is almost over.

Last week November 5th, Rocky here wrote:
REMARKS were made over lunch, tea and dinner yesterday about how quiet "the other side" of the Najib-Mahathir divide has been. Of late, even the Tun's attacks on the Prime Minister have been rather subdued. The lieutenants seemed to be taking longer breaks in between postings and potshots; perhaps they have tired themselves out with their heavily recycled accusations and run-of-the-mill questions.
On the same day, we posted "Game's over the moment Tony blinked". However, we remembered writing somewhere earlier claiming the game's looks almost over.

My auntie's cousin commented with a dash of insult in her Facebook here, below:
Bila blogger tersohor proTun dah mula recycle dan recycle isu 1MDB ... ini maksudnya, dah tak ada sumber bahan baru ... dan mungkin Atok tak mampu beri bukti?
Azmi Arshad explained it in his FB here. Extract below:
When the Opposition first played up the 1MDB hoax, it was mostly only zombies who believed them. Of course no need for evidence. No need to see to believe. No need to even think. Just read tabloid headlines. That's the nature of brain dead zombies.

When TDM jumped on the 1MDB bandwagon we saw the evolution of a new species... Poops (pentaksub other opposition party). Poops blindly believed anything TDM wrote on his blog. The logic of poops was that since TDM is making allegations then he must have evidence. Poops say there is no smoke without fire.

Poops haven't seen and don't need to see any shred of evidence. They think they see smoke and that's good enough for them. So the difference between poops and zombies is that zombies don't think and don't need to see smoke while poops think they see smoke.

Poops and/or zombies challenged the government to make police reports against TDM or sue him. (They also challenged Najib to sue Ling Liong Sik, WSJ, SR etc etc... If Najib doesn't sue then it is solid tangible evidence Najib is guilty of corruption). Zombies want TDM arrested or sued because they hate TDM but poops challenged the government to take action against TDM so that he will then reveal all the evidence.

And then TDM dropped a bombshell. He said he does not have any evidence to support his allegations.
Poops were devastated that TDM could be that brutally honest. Many became disillusioned with TDM but many still remain loyal because by nature poops don't need evidence, they just need to think they see smoke.
One shallow and unlearned poop called as penyokong Najib during a wedding in a demeaning tone. We didn't call them poop but kumpulan kena tipu orang putih (referring to Sarawak Report's Clare Rewcastle). It got them to silent themselves.

Nevertheless, JMD is still trying as The Mole gave coverage here. Good effort for trying but what he is saying is Petrosaudi cheated 1MDB on the so-called Turkmenistan deal.

Does that constitute proof that money was diverted to Najib's personal account when Good Star belongs to Petrosaudi and not Jho Loh as alleged by JMD, The Edge, Sarawak Report, Tony Pua, Rafizi, NYT, WSJ and all the other unsavory accomplices of Clare?

He's still got a long way to go with UMNO GA on December 8th coming near and Christmas Day as RPK claimed here as the deadline to put the proofs.

Will goalpost be shifted to seek for more time?

It is more than 8 months since Tun Dr Mahathir made the allegation that the whole of 1MDB's borrowed money of RM42 billion disappeared but NO PROOF HAVE BEEN FORTHCOMING. That was the way Tun M burned the issue [read FMT here].

Transcript of Xavier Justo SMS with Clare Rewcastle and many others are due to be disclosed to the police soon as his lawyers expressed willingness to cooperate with Malaysian police. Time is running out on the  alleged perpatrators.
  
Apandi was reported saying by TMI here as below:
Apandi said he was cognisant of the Malay rulers’ statement as well as the public's concerns.

“Immediately after the rulers' statement, on the night itself, I messaged MACC: ‘Hello, you'd better speed up.’

“And then, in fact, to make sure they speed up, I said, ‘complete investigations by the end of October.’ That was my direction,” he said.

But he said MACC later told him an October deadline was “impossible” to meet, so the date was changed to year’s end.

Apandi said MACC would have to submit the file to him by that time, “by hook or by crook”, since he had already given them ample time.

Despite this, Apandi said he felt MACC’s investigation into the case was moving at a “reasonable pace”.

Cases involving movement of money from one company to another takes time as it involved tracing documents and tracking down and interviewing the ever-growing list of people involved, he said.

He pointed to the case of former Perwaja Steel boss Tan Sri Eric Chia Eng Hock, who was charged with RM76.4 million embezzlement in 2005 after “years and years” of investigation.

But he confirmed that MACC was making progress, and that its officers had already recorded statements from SRC International managing director Nik Faisal Ariff Kamil and director Datuk Suboh Md Yassin.

In July, the Immigration Department issued a travel ban on Nik Faisal while Suboh was reported missing.

However, Apandi said businessman Jho Taek Low, also known as Jho Low, had yet to be questioned as “he doesn't come into the picture yet”.

“If any of them (witnesses) start mentioning Jho Low, then they (MACC) will call for Jho Low,” he said.

Apandi added that he believed the police would only start investigating 1MDB after the auditor-general’s report on the state-owned investment firm was released.
In the meanwhile, Tun M came out in the open again after complains of his attempt to talk to UMNO grassroot members were denied by a Merbok UMNO Division Head.

After TMI report quoted Tawfik Tun Dr Ismail as saying G25 rejected to participate in Tun M's political battle to oust Najib, TMI today reported him seeking support from Ambiga. Sad to see him in this state. It's been downhill since the Bersih 4.0 appearance.

Will this be the political battle that Tun M finally lose? However, as Rocky warned, the game ain't over.

Another WSJ set-up, but admitted "no allegations of wrongdoing"

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In his posting here, Rocky "cautioned my friends against underestimating our friends. A storm is always preceded by calm."

What sort of issue could be the storm after rather scraping statements of Tun Mahathir reported by news portal on Wednesday to create a new controversy from any mistake in response? 

UMNO General Assembly in December is still long way to go. The nearest in the horizon will be Obama's visit for the 27th Asean Summit in November. The date is November 15-23 and that is only a matter of days.

The Bantah TPPA is expected to do something. Last week, there was an application for judicial review by a group of lawyers in collaboration with ABIM and Teras. Read in Aidil Khaid FB here, interesting angle.

Our stance has not changed. However, it is not time for games. The announced cost benefit analysis due in two weeks. Tunku blog here has links to download the various documents. Our regular contact is studying the materials.

While this is happening, the game to welcome Obama could be the 1MDB-DuSable solar power project in Kedah.

DuSable set-up


On October 28th, PKR MP for Kelana Jaya, Wong Chen raised concern in Parliament on the appearance of 1MDB name in a statements filed by US-based company, DuSable on the Justice Department website in September 2013 and April last year.

DuSable was supposed to partner 1MDB to develop, finance, and construct a 50MW solar project in Malaysia. He said since then, there have been no updates on the US Department Justice website. He tries to show concern by suggesting that Malaysia raise a complain. [Read TMI here.]

Dato Najib denied anything was signed between DuSable and 1MDB. Read Malaysian Digest here.

Must say we were impress then in the manner he raised his concern with politeness and humility. So unbecoming of opposition. However, it was a bait to more issues as Wong Chen claimed that 1MDB paid reimbursement of RM2.3 million to DuSable.

He pressed on for more explanation on DuSable. Words used were to come clean as though there was another hanky panky. [Reports by TMI here , FMT here, and back in action The Edge here dated November 2nd.]

If we had been PM, we would have yelled him to clearly state their concern because it is appearing to be another Tony Pua only-I-shall-ask-the-question debate. It is a bologna slice by slice tactic of raising issues and drawing attention.

One can not notice the typical media portal gangbang to intrude into confidential operational company matter. Unless it is a wrongdoing and they can lay out the proofs or better still, make a police report, WTF should 1MDB tell them?

Firm up their accusation before asking to come clean. Najib is no idiot would give them a rope for them to hang him.  

Response

Taking account of weekend and Deepavali, 1MDB responded slightly more than a week later: 
Joint media statement by 1Malaysia Development Berhad and DuSable Capital Management LLC

Issued on 11 November 2015
For immediate publication

Factual Clarification on 50MW Solar Power Plant in Kedah, Malaysia

In 2013, 1MDB engaged DuSable to assist with project development of utility-scale grid connected solar power generation capability, for which DuSable Capital Management was remunerated US$506,000 for costs and expenses.

On 18 March 2014, 1MDB received a Letter of Award from the Ministry of Energy, Green Technology and Water, Malaysia (“KeTTHA”). Under the Letter of Award, 1MDB was granted the right to develop multiple utility scale solar photovoltaic power plants, with an aggregate capacity of up to 500MW. However, 1MDB was required, amongst others, to undertake detailed feasibility studies, execute a Power Purchase Agreement (“PPA”), source equity and debt financing and procure other requisite approvals for each individual solar power plant.

On 11 April 2014, 1MDB, (via its wholly owned subsidiary, 1MDB Synergy Sdn. Bhd.), (“1MDB Synergy”) and Yurus Private Equity Fund I, L.P. (“Yurus PE Fund”) entered into a Master Joint Venture Agreement (“Master JVA”), to jointly develop up to 500MW of solar power plants in Malaysia. DuSable Capital Management was appointed as the investment adviser to the Yurus PE Fund. The Master JVA shareholding was 49% Yurus PE Fund and 51% 1MDB Synergy.

On 12 April 2014, 1MDB, (via its wholly-owned subsidiary 1MDB Solar Sdn. Bhd (“1MDB Solar”) entered into a PPA with Tenaga Nasional Berhad for the construction of a 50MW solar power plant in the state of Kedah, Malaysia. It is important to highlight that Yurus PE Fund and DuSable Capital Management were not and never were, signatories to this PPA, nor did either party, at any time, have ownership of 1MDB Solar.

1MDB and DuSable Capital Management subsequently engaged in discussions for a partnership to develop, finance and construct the proposed 50MW solar power plant in Kedah. However, no project level joint venture agreement was reached between the parties for this solar power project or any other individual solar power project.

On 2 October 2014, as part of the IPO plans of Edra Global Energy Berhad (“Edra”), 1MDB acquired the entire 49% interest of Yurus PE Fund in the Master JVA, for a final amount of US$69 million. This acquisition ensured that 1MDB and Edra would own 100% of the rights to develop up to 500MW of solar power plants, prior to the launch of a proposed IPO of Edra.

We trust the above clarification will address the unsubstantiated allegations being made by certain opposition politicians in Malaysia, who have selectively extracted and misrepresented information relating to 1MDB, in order to mislead the public for their political purposes.
That should be sufficient.

Attention grabbing

But since Wong Chen could be selected as replacement to Tony Pua on 1MDB issues, he pursued it further with a more attention grabbing headline.

TMI report:
Did firm earn RM300 million for paperwork in 1MDB solar project, asks PKR lawmaker

Published: 12 November 2015 6:44 PM

PKR federal lawmaker Wong Chen has urged the prime minister to explain to clarify if a private equity fund made RM300 million doing paperwork for six months in a 1MDB-linked deal. – The Malaysian Insider filepic, November 12, 2015.

PKR federal lawmaker Wong Chen wants Prime Minister Datuk Seri Najib Razak to clarify if a private equity fund earned RM300 million for six months of paperwork in a deal linked to 1Malaysia Development Berhad (1MDB).

The private equity fund was Yurus Private Equity I, LP, which in April 2014, entered a master joint venture agreement with 1MDB Synergy Sdn Bhd on the proposed development of solar power plants that could generated up to 500MW in Malaysia.

Six months later, on October 2, 2014, 1MDB announced that it had brought from Yurus a 49% rights under the master joint venture agreement for US$69 million (RM300 million).

But following denials by 1MDB and Najib recently about any joint venture with Yurus, Wong today asked if this meant that private equity firm had made RM300 million just for doing paperwork.

"I, therefore, urge the prime minister to again come clean on the matter and disclose more to the public about the owners of Yurus so that we all can assess whether it had handsomely profited RM300 million after a mere six months of paperwork.

"To avoid embarrassment to all parties, the disclosure must be urgent and complete before US President (Barack) Obama arrives in Malaysia," he said in a statement today.

Yurus is linked to American firm DuSable Capital Management LLC, which earlier in 2013 had assisted 1MDB in project development of utility-scale, grid-connected solar power generation.

After 1MDB, via its wholly-owned unit 1MDB Synergy, entered into the master joint venture agreement with Yurus on development of solar power plants in Malaysia, DuSable was appointed as investment adviser to Yurus.

1MDB's links to DuSable was first raised last month by Wong, who demanded that Najib, the finance minister and chairman of 1MDB's advisory board, state the latest status of 1MDB's solar power plant project with DuSable in Kedah and the key conditions of the agreement.

The question was in relation to a report in an English daily on the joint venture project last year, which said that DuSable would be the investment adviser to a private equity fund in which 1MDB would be a limited partner.

In a parliamentary written reply to Wong, Najib said 1MDB had never signed any joint venture agreement with DuSable.

1MDB also issued a joint statement with DuSable last night, saying that while the two entities had discussed working together to develop a 50MW solar power plant in Kedah, no definitive agreement was ever reached about the project or any other solar power project.

Instead, 1MDB Synergy, entered into a master joint venture agreement with Yurus on April 11, 2014 to jointly develop solar power plants in Malaysia, and DuSable was appointed Yurus' investment adviser.

The master joint venture agreement shareholding was 49% Yurus and 51% 1MDB Synergy.

On April 12, 2014, however, 1MDB, via its wholly-owned subsidiary 1MDB Solar Sdn Bhd, entered into a power purchase agreement (PPA) with Tenaga Nasional Berhad for the construction of a 50MW solar power plant in Kedah, Malaysia.

"It is important to highlight that Yurus and DuSable were not and never were, signatories to this PPA, nor did either party, at any time, have ownership of 1MDB Solar," 1MDB said. – November 12, 2015.
Same game

In the meanwhile, Rupert Murdoch interframe:


It is available here.

Note the sub-headline "There are no allegations of wrongdoing, but the deal has generated controversy in Malaysia." Generated controversy?

It was only raised in Parliament on October 27th, one or two PC and the public is hardly aware of it. The public is still grasping to understand the complex 1MDB deal. There were only carried away by Tun M's unproven accusation that RM2.3 billion was swindeled into Najib's private account.


Some useful background information in the report:
DuSable was founded in May 2013 by Frank White Jr., a member of Mr. Obama’s 2008 national finance committee and a fundraiser for Hillary Clinton; Shomik Dutta, a former special assistant at the White House who worked previously as an investment banker; and Pras Michel, one of the original members of the band the Fugees and the artist behind the song “Ghetto Supastar (That Is What You Are).”
More ...
Mr. White and his wife, Sylvia, are listed as members of Hillary Clinton’s National Finance Committee, also known as Hillblazers, who have raised $100,000 or more in contributions since the start of the campaign in April 2015. Mr. Dutta was also a national finance consultant to Mr. Obama’s re-election campaign in 2011 and 2012.

They founded DuSable “to encourage emerging markets to adopt utility-scale renewable energy and utilize U.S. renewable energy technology,” the firm told The Wall Street Journal Wednesday. Another DuSable joint venture is developing 1,200 megawatts of solar power in Nigeria, the company says on its website.

Shortly after it was founded, DuSable announced it had raised a $505 million fund called Yurus Private Equity I, LP. An investor in Yurus was Aabar Investments PJS, an arm of the Abu Dhabi sovereign-wealth fund, International Petroleum Investment Co., according to people familiar with the matter. IPIC has been heavily involved with 1MDB. A spokesman for Aabar couldn’t immediately be reached.

Over the two years DuSable was involved with 1MDB, it helped the Malaysian fund develop power purchase agreements, plan financing and find a suitable site for a solar project, the firm said. It had a full-time employee in Kuala Lumpur for the length of the project, it said.

DuSable also invested its own capital in the project, it said without providing details. The firm agreed to sell its equity stake after 1MDB began preparing for an initial public offering of its energy assets, according to the companies.

It isn’t clear where the solar-power project stands.
There is nothing as WSJ acknowledged:
There are no allegations of wrongdoing, but the deal has already generated controversy in Malaysia. Opposition parliamentarian Wong Chen has held news conferences recently questioning 1MDB’s relationship with DuSable.
Najib's detractor tried to play the DuSable script before on Lembaga Tabung Haji as though a decision was made to invest in Detroit redevelopment. Tabung Haji sources contacted denied such claim. 

The source approached us but could not provide details. Only leak parts of investment proposal paper. The argument used to pitch the issues are "Takkanlah tidak ada apa-apa" and "mesti ada sesuatu." 

The initial stage on the DuSable game looks to be of similar Modus Operandi but only through a different spokesman. 

In the meanwhile, Sarawak Report and The Edge may have ceased to be the anti-Najib mouthpiece now.

It seemed one anonymous blog is now quoting, giving credence and defending information originally coming from Sarawak Report, The Edge and Xavier Justo's manipulated stolen data, even claiming Good Star is owned by Jho Loh.  

Interesting ....

Either Nazir apologise to Arul or ...

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... he is just another childish and selfish Mr Bean look-a-like.

Rocky Bru wrote that he does not expect Nazir to be put under inquiry for his "bastardly" erroneous Instagram message as what happened to Badlisyah Ghani, the former CEO of CIMB Islamic for highlighting inconsistencies in an exposure by Wall Street Journal.

Rocky suggested that the least he should do is to apologise to Arul Kanda.

That is if he is a truly gentleman with aristocratic upbringing. Someone so spoilt as a youngest child and with a big ego will never apologise.

As far as Nazir emulating Badlisyah to resign, we have been saying so for quite sometime. Nazir made a wrong call in Indonesia that cost the bank. Instead of quiting, he promoted himself and left behind shit for Tengku Zafrul to clean. [read past posting here].

So do not get upset for this name calling. It is justified. 

Badlisyah was told to remove his FB posting on reason he should not be committing on a technical matter. As bank CEO, he has some familiarity with remittance instructions. It is something he can commit. Instead of going through the inquiry, Badlisyah had other plan and decided to quit.

Now, on what then basis should Nazir be committing on 1MDB?

He is not involved in any investigating authorities; be it police, or Bank Negara or MACC. Neither is he a member of the Attorney General office to vet through the case. He is not on the Board of Directors of 1MDB.

As a citizen, he has said enough. But instead he acting as an irritant.

Should he wish to make allegations, he should be specific, make a police or MACC report, and put up the proofs.

Should he be interested in politics, again he could resign from his corporate positions and most welcome to enter the ring or turun padang.

Otherwise, he should stop his spoilt kid tantrum for losing out on the first 30 year bond deal to Arab Malaysian or his request to be Minister of Finance refused.

Quite sure, the usual response would be to defend him and question who we are to question him. Maybe we have sufficient years of living and observing. At least, we have met and spoke with two or three of the brothers as to form an opinion.

We have been asking ourself: Can Nazir make it out there beyond the Malaysian shores?
     
If he is not Nazir Razak - with a brother who is PM, father a great former PM and strong aristocratic family connection from both sides of the family, can a chap, who started out as a broker hawking family connection to make all those government linked deals, made it to where he is today?

Otherwise, he is just a penghulu son with the advantage to be a juara kampong. No where compared to the Indian boy from Machang Kelantan that slug his way up. 

Did Zeti lowered her eyelids to "baby" Nazir's shit?

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There was a joke on FB last week that pun a common joke meant for a you-know-who whose been rather quiet and keeping a low profile: 
Why did the chicken cross the road?
Answer: To run away from a debate.
Maybe one could pun something similar for Nazir :
Why did baby went on tantrum?
Answer: To suck more milk from mother's tit
It is quite applicable to Zeti as she has a habit of going tantrum. Only different is she does not have the baby tantrum but more of the phenomenon of woman at advance age. At least her latest statement is not so "menopausal" as before.

Interestingly, there is similarity, connection and possibly a collusion between Nazir and Zeti. Many failed to realise that Zeti may have lowered her eyelids on matters concerning Nazir.

If not done on purpose, late 60s Zeti is in the habit of sleeping during office hours.

No icon


In his Instagram, Nazir described the two ladies as icon of global finance. A blog spun it as a warning to Najib and Rosmah to not touch Zeti. It was Nazir's defense of Zeti in the midst of online pressure on her.

Bad choice of picture. The orang putih in the middle is no icon. She is the former IMF Chief, Christine Legarde. As long as it is orang putih, we Malaysians are quick to suck their kneecap.

As per the 2014 headline of Rupert Murdoch's WSJ above reads, Christine is under investigation for a €400 million fraud and corruption done in 2008.

If convicted, Nazir's global icon had been a crook for quite sometime.

Zeti is still an icon that can do no wrong to many. Any criticism and expose on Zeti will be countered with character attack and defense of her greatness as central bank governor. However, every other person's icon was revealed in the FROMTHEELEVENTH blog as a near replica of Christine.

Her husband, Tawfiq Ayman was said to be the broker in the CIMB takeover of Southern Bank in 2006. Why the need of a broker since the visible and invisible owners of Southern Bank are known in the market?

The blog suspected that Tawfiq was more a broker between Nazir and Zeti as the approving party.

And, the blog's suspicion of the collusion is in the similar off shore banking account arrangement between Nazir and Zeti's family.

It only shows that when Nazir defended someone, there is personal interest involved.

He defended Tong Kooi Ong. Why?


And, RPK has a related posting: Where is Tong Kooi Ong?

So do not be surprise Nazir will support PKR backer Tong. Nazir already said he intend to initiate an NGO with former UMNO Deputy Minister now in PKR, Saifuddin Abdullah. NGO is either a facade or initial step to form a new political party.

Go ahead ... which constituency will budak sombong Nazir run? 

Bank's Executive Chairman


That blog could be speculating or trolling on Zeti, but let's deal in facts.

In our October posting, we said Zeti failed in her duty when the large sum of money was deposited in Najib's personal account. She failed in managing the currency. And she had tidor.

On April 2014, there was a reshuffling of positions in CIMB. Many Directors were retired. Tengku Zafrul was appointed CEO to take over the position from Nazir after his big mess in Indonesia that seriously affected Bank profitability and 2,000 staff lost their job. [Read here and here].

For his failure, Nazir was made Chairman in July 2014. He was to chair the executive committee of the Board. That makes him an Executive Chairman or CEO with Zafrul merely a defacto COO.

Believe Bank Negara made a clearly known policy that Bank's Chairman role must be separated from the executive role. 

They are not to be involved in the running of the Bank but only to carry out their fiduciary duty as member of the Board of Directors. 

Did Zeti slept on the job or voluntarily lowered her eyelid again for Nazir?

There is more serious conflict of interest.

Nazir was appointed on the Board of Directors of Khazanah Nasional in early July 2014 too. Heard it was to compensate him not being given the Minister of Finance post. Why was he allowed by Bank Negara to join Khazanah Nasional?

It is a conflict of interest for the Executive Chairman of a Bank to be on the board of a company with subsidiaries could be his clients. He will have access to information and exploit on his position.

Maybe it is because CIMB is one of the major money churner for Khazanah. Why only CIMB represented on Khazanah BOD? Why not TNB, a bigger money churner? What so great about Nazir?

He was part and parcel of the failed corporate exercises and turnaround plans for MAS from day one. And he has lot of shit left in CIMB for Tengku Zafrul to clean up!

RBS takeover


We'll talk more of his shit in which Zeti lowered her eyelid for Nazir but unnecessarily firm when it involved 1MDB. Many may have forgotten another Nazir's failed foray abroad in 2012 and 2013. 

In April 2012, it was announced that CIMB paid US140 million for several Royal Bank of Scotland units in Asia.  Nazir was expanding CIMB's footprint in Asia after DBS bought Bank Danamon Indonesia for US7.2 billion.

CIMB spent RM432 million for the acquisition and inject RM418 million into the RBS Asia operation to make their presence in nine exchanges, partnership in 3 other exchanges and cover research on 1,093 Asia Pacific companies.  [Read in Reuters here].

Nazir boosted in a July 2013 interview with Bloomberg that CIMB is ready to take on and compete with Goldman Sachs Group Inc. and JPMorgan Chase & Co. for Asia-Pacific deals. [Read the report here].

Yeah sure ... because by December, Nazir admitted to FT.com that he underestimated the challenges of taking over RBS.  CIMB has yet to breakeven and can only hope to breakeven in 2014. This was not sufficiently highlighted in their financial report last year but blamed it on their Indonesian operation.

Zeti's approval is required before CIMB could make their foreign investment in RBS. Did Zeti closed her eyelid and chimply approved?

Has Zeti kept track of CIMB's submission to Bank Negara as much as she is giving 1MDB a hard time?

She should read an extract of shit cleaner's interview with NST in October:
Q: How is your Royal Bank of Scotland (RBS) business doing (CIMB purchased most of RBS’ Asia-Pacific investment banking units and cash equities in 2012 for US$138 million or RM445 million)?

A: RBS business is not doing very well. First of all, we’ve already integrated, so it’s part of our business within the group. In February, we made a decision to exit Australia. We closed our Sydney and Melbourne offices and, at the same time, we scaled down the investment banking business in Hong Kong, South Korea and Taiwan. Because we find that when you compete with Goldman Sachs, JP Morgan and DBS, for example, they are global players. So, when Asean slows down like right now, they have (businesses in) US, Europe and Australia. Our flow is only North Asia and Southeast Asia.
Thanks to Mr Bean look-a-like, the Scots laughed all the way to the Bank, pun intended. In six months, it is already known to be a mess. By two years, it has to scale down and basically Nazir did no homework!

At least now, we can understand baby Nazir's tantrum with Goldman Sach over the weekend. He is childishly envious of Goldman Sach for getting the 1MDB deal which he could not get.

If CIMB got the deal instead of Goldman Sach and make the same allegedly fat fee, will JMD still call UMNO members stupid? The stupid one could be his family members. 

CIMB-RHB-MBSB Merger


With the problems Nazir created that lead to 2,000 employees losing their job and CIMB deep drop in profit at a time Maybank was on a rise, there was an aborted merger of RHB and MBSB. The whole deal was public knowledge.

This deal reported by that will ended up with a combined asset of RM613.7 billion, market value of RM90 billion and able to generate profit of RM7 billion annually. That would have made them bigger than the profitable Maybank.

Taking a quote from The Star report:
While speculation of a merger between RHB Capital Bhd (RHB Cap) and Malaysia Building Society Bhd (MBSB) was not new, CIMB entering the fray caught the market by surprise.

And when the three stocks were simultaneously suspended on July 10, it was apparent that the creation of Malaysia’s largest bank and a major Asean financial powerhouse was in the making.

Notably, the speed at which the three institutions received the approval of the central bank is a sure sign that the regulator is agreeable to the merger.
Market talk is there is a collusion between a Bank Negara authority, a lady and Nazir. Nothing happens fast in Malaysia unless there is something happening behind the scene; be it Special Task Force on 1MDB or merger of Financial Institutions.

The takeover of non-Bank financial institution only means Bank Negara have plans to reform the financial industry. Who is the lady that leak info to CIMB of the plan?

Maybe it is one of the two ladies in Bank Negara mentioned by Lim Kit Siang in Parliament before he was suspended for 6 months.

Another extract from The Star report: 
The proposed deal has its fair share of challenges. For one, Press reports have indicated that Abu Dhabi’s sovereign wealth fund Aabar Investments PJSC, which owns a 21.2% stake in RHB Cap, is seeking a higher value of its equity in the latter. Some reports have stated that Aabar would only be satisfied with an RHB Cap value of around RM12 per share. 

Aabar had bought its 21.2% stake in RHB Cap from Abu Dhabi Commercial Bank PJSC for RM10.80 a share in 2011. But that was a deal between two companies with a common shareholder and not seen as commercially-driven.

With such a big block of shareholding in RHB Cap, Aabar has a significant vote on the deal.
An extract from MMO, below:
One key unknown is whether Malaysia’s Employees Provident Fund, the nation’s biggest state pension fund and a major shareholder in all three banks, will be allowed to vote in the deal.

It owns about 41 per cent of RHB, 65 per cent of Malaysia Building Society and 14.5 per cent of CIMB, and bankers have said that it supports the deal.

Under current Malaysian listing rules, it should abstain from voting as its significant holdings in all three banks could represent conflicts of interest, but the fund has asked the stock exchange for a waiver, arguing that the interests of its 14 million members are at stake.

The request for a waiver, however, could face opposition from Dubai-based Aabar Investments PJSC, which is RHB’s second-biggest shareholder with a 21.2 per cent holding.

Representatives for Aabar have declined to comment on this aspect of the deal. RHB has also declined to comment, while CIMB, Malaysia Building Society and the EPF did not reply to requests sent by Reuters.
This is an insight to more of Nazir's tantrum.

Since Arul Kanda came to 1MDB from Abu Dhabi Commercial Bank PJSC and from 2009-2011, was Director of RHB, that is why Nazir is vindictive with him.

The Abu Dhabi group railroad the deal he wanted to use to cover-up his foverseas failures in RBS and Indonesia.

So Nazir goes around town bitching Arul as Jho Loh's boys. 

Dissappeared Tong used The Edge to discredit Arul and got his partners-in-crime - the silenced Tony Pua, Sarawak Report's Clare Rewcastle, and some other bloggers - to spread and call Arul a liar.

Not surprise, Nazir, Tony Pua, Tong and others badmouthed 1MDB that it scared off corporations, banks and funds. That limit possible options for 1MDB to rationalise with national and stakeholders interest best safeguarded.  
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